Supply and Demand Review

Supply and Demand Review

10th Grade

22 Qs

quiz-placeholder

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Supply and Demand Review

Supply and Demand Review

Assessment

Quiz

Other

10th Grade

Hard

Created by

Benjamin Fenton

Used 55+ times

FREE Resource

22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Define "demand"

How much of a product sellers are willing and able to sell

How much of a product buyers are willing and able to buy

How much the government collects in taxes when a product is sold

How much it costs to produce a product

How much a third party benefits when a product is consumed

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Define "supply"

How much of a product sellers are willing and able to sell

How much of a product buyers are willing and able to buy

How much the government collects in taxes when a product is sold

How much it costs to produce a product

How much a third party benefits when a product is consumed

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

On a supply and demand graph, the y (vertical) axis is labeled ____________, while the x (horizontal) axis is labeled ____________.

supply; demand

demand; supply

price; quantity

quantity; price

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

According to the law of demand ______________

people tend to buy the same amount of a product regardless of its price

people tend to buy less of a product when the price goes up

people tend to buy more of a product when the price goes up

people tend to buy less of a product when the price goes down

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

According to the law of supply, ___________.

sellers tend to sell the same quantity of a product regardless of its price

sellers tend to sell less of a product when the price goes up

sellers tend to sell more of a product when the price goes down

sellers tend to sell more of a product when the price goes up

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Suppose that at the current price, sellers are willing and able to sell less of a product than buyers are willing and able to buy. (i.e. There is a "shortage" in the market). What will likely happen in this market?

demand will shift to the right

supply will shift to the left

price will fall

price will rise

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Suppose that at the current price, sellers are willing and able to sell more of a product than buyers are willing and able to buy. (i.e. There is a "surplus" in the market). What will likely happen in this market?

demand will shift to the right

supply will shift to the left

price will fall

price will rise

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