Supply and Demand Review

Supply and Demand Review

11th - 12th Grade

15 Qs

quiz-placeholder

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Supply and Demand Review

Supply and Demand Review

Assessment

Quiz

Social Studies

11th - 12th Grade

Medium

Created by

Marissa Forget

Used 23+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law and demand says

the higher the price, the more consumers will buy

the lower the price, the less consumers will buy

the lower the price, the more consumers will buy

the lower the price, the more consumers will substitute

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a drop in price will

increase the demand for goods

decrease the demand for goods

not affect the demand for goods

not affect the law of demand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following describes the substitution effect?

as the price of a good falls, people will substitute other products

as the price of a good rises, people will substitute other products

as demand rises, people will substitute other products.

as demand falls, people will substitute other products.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a demand curve illustrates

the differences in price charged by different stores

the quantities demanded at each price by consumers

the differences in demand for different products

the products which are most in demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Substitutes are

goods that are bought and used together

goods used in place of one another

goods that cannot be replaced

goods which cause a shift in the demand curve.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of supply

the lower the price the larger the quantity consumed

the higher the price the larger the quantity produced

if the price of a good rises some firms will produce less

if the price of a good falls new firms may enter the market

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A market supply curve shows

the quantity supplied by producers at different prices

supply for any set of conditions

how prices affect the cost of raw materials

how the supply of goods is kept in balance

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