Supply & Demand

Supply & Demand

9th - 12th Grade

20 Qs

quiz-placeholder

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Supply & Demand

Supply & Demand

Assessment

Quiz

Other

9th - 12th Grade

Practice Problem

Hard

Created by

Amanda Brown

Used 22+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

When the price of a product increases, there is

a shift in demand

movement along the demand curve

a change in elasticity of demand

no effect on quantity demanded

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

On the demand curve, price and quantity demanded are

inversely related P ^ Q V

directly related P ^ Q V^

unrelated

not revelant

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

During the Dust Bowl of the 1930s, many farmers' agricultural goods were destroyed. What happened to the market for agricultural goods? (hint what are the factors for supply/demand?)

Increase in demand

Decrease in demand

Increase in supply

Decrease in supply

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the Law of Supply?

When demand goes up, supply decreases

Supply shifts to the right due to technology

When price increases, quantity supplied decreases

When price increases, quantity supplied increase

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following explains the Law of Demand?

When prices go down, people have an increased income.

When the price of a good increases, people tend to buy substitutes instead.

People prefer inferior goods during a recession

People often buy eggs and bacon together

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following pairs of goods are substitutes?

Jelly and Jam

Eggs and Bacon

Apples and Broccoli

Mugs and Candles

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following pairs of goods are complements?

Jelly and Jam

Eggs and Bacon

Apples and Broccoli

Mugs and Candles

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