Define "demand"
Supply and Demand Review

Quiz
•
Other
•
10th Grade
•
Hard
Benjamin Fenton
Used 55+ times
FREE Resource
22 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
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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