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Unit 2 Supply, Demand and Market Structure Review

Authored by Erik Davidson

Social Studies

12th Grade

Used 101+ times

Unit 2 Supply, Demand and Market Structure Review
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22 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What does this curve represent?

supply
equilibrium
demand
surplus

2.

MULTIPLE CHOICE QUESTION

1 min • 12 pts

Media Image

What does this curve represent?

demand
supply
equilibrium
shortage

3.

MULTIPLE CHOICE QUESTION

1 min • 12 pts

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

demand goes up
demand goes down
demand stays the same
none of the above

4.

MULTIPLE CHOICE QUESTION

1 min • 12 pts

In general, if the price of a good or service goes up, what happens to the supply for that good or service?

supply goes up
supply goes down
supply stays the same
none of  the above

5.

MULTIPLE CHOICE QUESTION

1 min • 12 pts

What determines price?

interaction of cost and resources
interaction of supply and demand
interaction of resources and supply
interaction of demand and resources

6.

MULTIPLE CHOICE QUESTION

1 min • 12 pts

Which of the following is an example of a good with an inelastic supply?

beanbags

toothbrushes

apples

hats

7.

MULTIPLE CHOICE QUESTION

1 min • 12 pts

When prices rise, which of the following happens to income?

It automatically increases by the rate of inflation

It buys less

Nothing

the government raises wages

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