the Law of Demand

the Law of Demand

9th - 12th Grade

12 Qs

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the Law of Demand

the Law of Demand

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Nancy Harry

Used 149+ times

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to economics, what happens to demand when prices rise?

Demand stays the same

Demand rises

Deflation occurs

Demand falls

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

______________ is a graph that shows the amount of a product that would be bought at all prices in the market.

Supply Curve

Law of Demand

Demand Curve

Market demand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Some products, such as DVDs and DVD players, are called __________ because demand for one moves in the opposite direction as the price of the other.

substitutes

surplus

elastic

complements

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of demand, quantity demanded and price __________.

Move in the same direction.

Depend on marginal utility.

Move in opposite directions.

Are not related.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total demand may change if more consumers enter the market, consumer tastes change, or ____.

Consumer expectations change.

Producers supply unpopular products.

Demand is inelastic .

Supply remains the same.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not necessary for demand to exist?

Desire for a good or service

Willingness to purchase a good or service

Competition to produce a good or service

Resources to produce a good or service

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which principle results in the lowering of a good’s price over time?

marginal utility

seller's market

additional satisfaction

diminishing marginal utility

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