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Supply and Demand

Authored by Kristen Bibb

Social Studies

9th - 12th Grade

Used 2+ times

Supply and Demand
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20 questions

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1.

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

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

Change in cost of production
Changes in number of producers
Changes in expectations

3.

MULTIPLE CHOICE QUESTION

1 min • 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

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What is the Equilibrium Price?

1
2
3
4

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Goods that are bought and used together are 

complementary goods
substitute goods
income goods
unrelated goods

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

The diagram represents a(n)

increase in supply
decrease in supply
change in quantity supplied
none of the above

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is likely to increase the demand for peanut butter?

Fewer children in the population
News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
A big increase in the price of jelly.
A report from the Surgeon General of the United States that eating peanut butter makes people nutty.

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