The law and demand says
Supply and Demand Review

Quiz
•
Social Studies
•
11th - 12th Grade
•
Medium
Marissa Forget
Used 23+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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