Supply and Demand

Supply and Demand

12th Grade

19 Qs

quiz-placeholder

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Supply and Demand

Supply and Demand

Assessment

Quiz

History

12th Grade

Practice Problem

Hard

Created by

Javiera Briones

Used 223+ times

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19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As prices rise, sellers will offer more goods and services for sale.

Supply
Law of Supply
Change in supply
demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The change in consumption resulting from a change in income

substitution effect
demand schedule
Income effect
none of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Supply Curve is upward-sloping because

As the price increases, so do costs
As price increases, suppliers can earn higher profits or justify higher marginal costs to produce more.
As the price increases, consumers demand less.
None of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A shortage of a good is often a signal for a producer to

lower the production of that good
lower the prices of thay good
raise the prices of that good
shift production to another good

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a price ceiling is imposed above the equilibrium price

a shortage results
a surplus results
the equilibrium outcome prevails
there is not enough information to determine

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following will not cause the demand for product K to change?


A change in the price of close-substitute product J

An increase in consumer incomes

A change in the price of K
A change in consumer tastes

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the demand curve shifts to the right, then the supply curve move up and to the right

true
False

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