
Supply 1
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Medium
Robert Bellows
Used 29+ times
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4 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Based on the information in the graph, if the government limits the price of the item offered so that it cannot rise above $0.75, the result will be —
an excess supply
an excess demand (shortage) of 240 units
a consumer surplus of $1.00
an excess surplus of 240 units
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Based on the information in the graph, what is the equilibrium price of pizza?
$2.00
$4.00
$3.00
$5.00
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In a supply and demand graph, what likely happens if the cost of parts for automobile products decreases?
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Veronica has been wearing a popular perfume for several years. Recently the price increased by $10, which she has not been able to afford on her modest salary. Many of her friends are in the same position. How will the price likely affect the quantity demanded and supplied?
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