Supply and Demand Review

Supply and Demand Review

7th Grade

18 Qs

quiz-placeholder

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Supply and Demand Review

Supply and Demand Review

Assessment

Quiz

Social Studies

7th Grade

Hard

Created by

Cally Gant

Used 3+ times

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What law enforcement agency is responsible for making sure that businesses compete fairly?

Federal Bureau of Investigation (FBI)

Central Intelligence Agency (CIA)

Federal Trade Commission (FTC)

National Security Agency (NSA)

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One company controls the entire market

Supply Restrictions

Price Fixing

Monopoly

Consumer-Allocation Agreement

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Term for when competing businesses all agree to sell less of the product

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes “equilibrium”?

The point on a supply and demand curve where the two lines intersect

The ideal price to set for a particular good or service

The price where buyers and sellers of a product are in the most agreement

All of the following are true about equilibrium

5.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Term for competing businesses all agree what the selling price is

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Monopolies are ILLEGAL.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Term for a direct relationship (as price increases, quantity also increases)

Supply

Demand

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