Supply and Demand

Supply and Demand

12th Grade

15 Qs

quiz-placeholder

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Supply and Demand

Supply and Demand

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

James Barber

Used 2+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The quantity supplied and the quantity demanded are equal

Equilibrium

Demand Curve

Supply Curve

Maximum Capacity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

ceteris paribus assumption.

A surplus in the market

A shortage in the market

People act in the interest of others

All things being equal

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a main factor that shifts demand

Government Regulations

Education and training

Technology

Ceteris Paribus

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a factor that shifts supply

Consumer Opinion

Government Policies

Required Education

Number of workers

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Minimum wage is an example of a

Price Ceiling

Price Floor

Equilibrium

A Change in Demand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the elasticity of demand is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price

elastic supply

elastic demand

inelastic demand

unitary elasticity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the elasticity of either supply is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price

price elasticity of demand

price elasticity of supply

unitary elasticity

elastic supply

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