In economics, the term demand refers to the quantity of a good that people

will buy at many different prices at a particular time

will buy at one particular price over a long time period

would like to consume on a given date

would like to have available during a given time period

There is only one gas station on a stretch of highway. Then two more gas stations open next to the first. Demand for gas does not change during this time. What will happen to the price of gas on this stretch of highway and why?

The price of gas will decrease because there is more competition among businesses.

The price of gas will decrease because there is less competition among businesses.

The price of gas will increase because there is more competition among businesses.

The price of gas will increase because there is less competition among businesses.

The Supply Curve is upward-sloping because...

As the price increases, suppliers can earn higher levels of profit or justify higher marginal costs to produce more.

as price increases, consumers demand less.

as price increases, so do costs.

Part of the reason that LeBron James earns millions of dollars each year while school teachers may earn $30,000 is because…

consumers enjoy basketball to the point that they are willing to spend lots of money and time attending games and watching commercials.

the supply of superstar basketball players is low, while the supply of competent teachers is much larger.

demand for LeBron James' talents is very high since he can generate so much revenue for a firm.

Which of the following could cause the price for automobiles to decrease?

A brand new automobile dealership opens in town.

The local factory gives a big raise to its employees.

The law of demand states that there is what type of relationship between price and demand?

As price increases demand decreases.

As price decreases demand decreases.

As price increases demand increases.

As price decreases demand remains the same.

The law of supply states that there is what type of relationship between price and supply?

As price increases supply increases.

As price decreases demand increases.

As price increases supply decreases.

As price decreases supply remains the same.

A change in quantity demanded is shown

at various points on the demand curve

with a new demand curve drawn above or below the original demand curve

If a consumer knows that a product will be going on sale this week, how will his/her CURRENT demand be affected?

what does this have to do with the price of tea in China?

Jeremy has $15,000 to spend on a new car. He found a car that was priced at $14,500, but he did not think the car was worth more than $12,000. The dealer told Jeremy that he has not been able to sell this model because other customers have expressed the same opinion as Jeremy. Does demand of this car exist?

No, bc consumers are not willing to pay the price being asked for this car.

Yes, bc consumers like the car but don't buy it.

Yes, bc consumers think the car is worth $12,000.

No, bc consumers do not have the buying power to purchase this car.

Micro Economics Chapter 3 Supply and Demand QUIZ

Authored by Christopher Seymour

Social Studies, History, Science

12th Grade

CCSS covered

Used 208+ times

Micro Economics Chapter 3 Supply and Demand QUIZ

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66 questions

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MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The amount of goods available:

Supply

Demand

Utility

Equilibrium

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The tendency of suppliers to offer more of a good at a higher price:

Law of Supply

Law of Demand

Law of Economics

Law of Net Income

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The number one goal of a business is:

Equality

Good Working Conditions

Profit

Charitable Contributions

MULTIPLE CHOICE QUESTION

20 sec • 12 pts

What does this curve represent?

demand

supply

equilibrium

shortage

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What does this curve represent?

supply

equilibrium

demand

surplus

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When the supply of a product or service goes up and the demand stays the same the Price will typically do what?

rise

fall

stay the same

Consumer

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When the demand for a product or service is higher than the supply this causes what?

shortage

consumer

surplus

equilibrium

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Micro Economics Chapter 3 Supply and Demand QUIZ

The amount of goods available:

The tendency of suppliers to offer more of a good at a higher price:

The number one goal of a business is:

What does this curve represent?

What does this curve represent?

When the supply of a product or service goes up and the demand stays the same the Price will typically do what?

When the demand for a product or service is higher than the supply this causes what?

Generally speaking, the lower the price, the greater the quantity demand.

Consumer wants are the same as consumer demand.

In economics, the term demand refers to the quantity of a good that people

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