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Microeconomics 2

Authored by adam long

Social Studies

9th - 12th Grade

Used 257+ times

Microeconomics 2
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21 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

According to the law of supply, Price and quantity have which relationship?

Negative

Inverse

Positive

Neutral

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

According to the law of supply, the points on the curve are known as

Supply

Demand

Quantity Demanded

Quantity Supplied

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

According to the law of supply, if the price of a good increases from $15 to $30, what would happen to the quantity supplied of that item?

The quantity supplied would increase

The quantity demanded would increase

The supply would decrease

The demand would decrease

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What causes a business to make a change in the quantity supplied of an item?

changes in quanitity

changes in supply

changes in demand

changes in price

5.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Media Image

Which of the following would cause an outward shift (Increase in Supply) in the supply curve

Increase in the number of sellers

Better Technology

Greater regulations

More expensive resources

6.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Media Image

Which of the following would cause an inward shift (Decrease in Supply) of the supply curve

Increased number of sellers

Deregulation

Hiring workers with less education

Expectations that prices will increase

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

According to the chart, what do household exchange in the Product market for finished products?

Consumption Expenditures

Cost

Goods and services

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