Fundamentals of Supply

Fundamentals of Supply

9th - 12th Grade

•

31 Qs

quiz-placeholder

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Fundamentals of Supply

Fundamentals of Supply

Assessment

Quiz

•

Social Studies

•

9th - 12th Grade

•

Practice Problem

•

Medium

Created by

Elissa Burgess

Used 41+ times

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31 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When producers offer more of a good as its price increases and less as its price falls, this defines the

law of demand

law of supply

change in demand

change in supply

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A popular musical act announces a concert at a 10,000 seat venue. Prices for tickets skyrocket so the venue announces that there will be 500 standing room only tickets offered. What concept does this demonstrate?

elastic supply

inelastic supply

change in supply

change in quantity supplied

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Law of supply states that producers will offer ______________ of a product as its price increases.

none

some

more

less

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which way does a supply curve slope?

Left

Right

both

neither

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This part of the market determines SUPPLY

buyers
sellers
consumers
us

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?

Prices or availability of substitutes
Prices or availability of complementary goods
Change in the weather or season
Change in the number of buyers

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which statement expresses a central idea of how the laws of supply and demand work?

The government sets the prices for goods and services.
Prices are determined by the interaction of producers and consumers.
Consumers alone determine the prices for goods and services.
Technology dictates the prices charged for goods and services.

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