Supply & Demand

Supply & Demand

12th Grade

21 Qs

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Assessment

Quiz

Social Studies

12th Grade

29 plays

Medium

21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The market equilibrium price is the price at which
surpluses depress the number of goods supplied
shortages and surpluses will have no effect on the market
the government will not intervene in the market
the quantity demanded is the same as the quantity supplied

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
What is the Equilibrium Price?
1
2
3
4

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods that are bought and used together are 
complementary goods
substitute goods
income goods
unrelated goods

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
The diagram represents a(n)
increase in supply
decrease in supply
change in quantity supplied
none of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
The diagram represents a
increase in demand
decrease in demand
change in quantity demand
none of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
Assume the image is showing the market for apples.  Which of the headlines could indicate the pictured shift is occurring in the market?
Pesticides on apples linked to mouth cancer.
Storms destroy apple orchards.
An apple a day really does keep the doctor away.
New genetic strain leads to apple trees that produce twice as many apples.

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