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Supply, Demand, and Equilibrium

Authored by Westney Allen

Social Studies

12th Grade

Used 203+ times

Supply, Demand, and Equilibrium
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

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Which statement is correct about the Law of Demand?

When the price of a good decreases, quantity demanded decreases

When the price of a good decreases, quantity demanded increases

2.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

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Minimum wage is an example of a ___________.

Price ceiling

Price floor

3.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

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The result of a price floor, such as minimum wage, is a _____________.

Shortage

Surplus

4.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

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In 2025, Apple manufactures the iMac G3 with all original technology, but it has very little interest from consumers. Which choice below best describes this scenario?

Qs > Qd

Qd > Qs

5.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

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What is being illustrated on the graph?

Price ceiling

Price floor

6.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

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Which statement is correct about the Law of Supply?

When the price of a good decreases, quantity supplied decreases

When the price of a good decreases, quantity supplied increases

7.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

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Is the blue line located in the graph representing a price ceiling or price floor?

Price ceiling

Price floor

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