SUPPLY AND DEMAND REVIEW

SUPPLY AND DEMAND REVIEW

7th Grade

30 Qs

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SUPPLY AND DEMAND REVIEW

SUPPLY AND DEMAND REVIEW

Assessment

Quiz

Social Studies

7th Grade

Medium

Created by

Kaitlin Bryden

Used 11+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise.
What is likely to happen to the price of the sneakers over the next several weeks?

People will refuse to buy these sneakers.
The price for the sneakers will not change.
The price will fall as people learn Lebron James wears them.
The price of the sneakers will rise as more people want similar sneakers.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Read the following situation to determine what the outcome would be:

A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions? 

The price will remain the same.
The price will rise.
The price will fall.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A new video game has just been released before the winter holiday season, when may families buy gifts. This is a video game that many children want. Many parents buy this video game system for their children. The price throughout December is $249.

What is most likely to happen to the price for this video game in January, when the most popular gift buying season is over?

The price will go up for the new year then fall.
Sellers will lower their prices when the demand for the video game slows.  
The price for the video game will remain at $249.
The price will rise since since the games manufacturer will refuse to produce anymore.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The price at which the quantity demanded by consumers equals the quantity suppled by the producers is know as what?

Competition
The Law of Supply
The Law of Demand
The Equilibrium Price

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This term refers to how much of a good or service consumers are willing to buy at a particular price.

Demand
Compettition
Supply
Equilibrium Price

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of a good is ________________ than the equilibrium price, the supply of the good will be greater than the quantity of goods demanded.

Lower 
Higher
Supply
Resources

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of a good is __________________ than the equilibrium price, then the for that good will be greater than the supply available.

The Same
Higher
Competition
Lower

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