
Supply & Demand
Authored by Danielle MacKay
Social Studies
11th - 12th Grade
Used 3+ times

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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Substitution Effect
If two items satisfy the same need/want you should buy the cheaper one.
You cannot afford the same amount of a product if price increases and income stays the same.
At some point you will lose satisfaction because you have too much.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Law of Diminishing Marginal Utility
If two items satisfy the same need/want you should buy the cheaper one.
You cannot afford the same amount of a product if price increases and income stays the same.
At some point you will lose satisfaction because you have too much.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Real Income Effect
If two items satisfy the same need/want you should buy the cheaper one.
You cannot afford the same amount of a product if price increases and income stays the same.
At some point you will lose satisfaction because you have too much.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Elastic Demand
Prices do NOT affect demand (few substitutes)
Prices greatly affect demand (lots of substitutes)
Prices only greatly affect demand when income is high
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Inelastic Demand
Prices do NOT affect demand (few substitutes)
Prices greatly affect demand (lots of substitutes)
Prices only greatly affect demand when income is high
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Population determinant of Demand
Population goes up Demand goes up; curve shifts out to right
Population goes up Demand goes down; curve shifts out to left
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Changes in Demand (macro)
If there is ONE line = change in Demand
If there are TWO lines = change in Demand
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