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Microeconomics 1

Authored by M B

Other

9th - 12th Grade

Used 156+ times

Microeconomics 1
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36 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the laws of supply and demand, a decrease in demand will cause prices to:

Increase
Decrease
Stay The Same
Equalize

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unlimited Liability is a major disadvantage for which types of business structures?

Corporation & LLC
LLC & S-Corp
Partnership and Sole Proprietorship
Sole Proprietorship and Co-op

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of goods and services firms are will and able to sell at different prices is called:

Demand
Supply
Law of Demand
Law of Supply

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers will buy more at low prices, and less at high prices. This is known as:

The law of demand
The law of supply
Supply
Demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Based on the graph shown, what has happened?

Supply Increase
Supply Decrease
Demand Increase
Demand Decrease

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following scenarios would cause demand to decrease and prices to drop for a given good?

Shortage of Resources
Positive Celebrity Endorsement
A Bad Harvest
Negative News Report

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What types of goods are sold under the conditions of monopolistic competition

Identical
Similar, but differentiated
Abstract
Unique

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