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Supply, Demand, Markets and Prices

Authored by Nathan Shankles

Social Studies

12th Grade

Used 14+ times

Supply, Demand, Markets and Prices
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The more of a good an individual consumes per

period, other things constant, the smaller the

marginal utility of each additional unit consumed is called

Demand

Law of Demand

Law of Diminishing Marginal Utility

Law of Decreasing Returns

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A relation showing the quantities of a good that

consumers are willing and able to buy per

period at various prices, other things constant is called

Demand

Law of Demand

Law of Diminishing Marginal Utility

Law of Decreasing Returns

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Measures how responsive quantity demanded is

to a price change; the percent change in

quantity demanded divided by the percent

change in price

Demand

Law of Demand

Elasticity of Demand

Law of Decreasing Returns

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The sum of the individual demands of all

consumers in the market

Market Demand

Aggregate Demand

All encompassing Demand

Demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Price multiplied by the quantity demanded at

that price

Market Revenue

Aggregate Revenue

All encompassing Revenue

Total Revenue

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A consumer’s likes and dislikes

Desires

Demands

Tastes

Tastebuds

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A relation showing the quantities of a good producers are willing and able to sell at various prices during a given period, other things constant

Supply

Supplier

Marginal Cost

Marginal Supply

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