AP Microeconomics Unit 3 Review
Authored by Brent Pfeiffer
Social Studies
10th Grade - University
Used 424+ times
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77 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Represents how goods, services, and money move through our economy.
Circular Flow Diagram
Supply Curve
Demand Curve
Supply and Demand Curve
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consumers will buy more of a good when its prices is lower and less when its price is higher.
Law of Demand
Law of Supply
Price Floor
Price Ceiling
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Producers offer more of a good or service as its prices increases and less as its price falls.
Law of Demand
Law of Supply
Price Floor
Price Ceiling
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The point at which the quantity demanded for a product or service is equal to the quantity supplied of that product or service.
Equilibrium
Price Stability
Shortage
Supply
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A minimum price consumers are required to pay for a good or service.
Price Ceiling
Market Clearing Price
Equilibrium
Price Floor
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A maximum price consumers are required to pay for a good or service.
Price Ceiling
Equilibrium
Market Clearing Price
Price Floor
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A market in which a single seller dominates.
Monopolistic Competition
Monopoly
Oligopoly
Perfect Competition
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