
Economics Unit 3 Supply & Demand Vocabulary Quiz
Authored by Katherine Shelton
Business
10th - 12th Grade

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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The quantity purchased varies inversely with price. In other words, people will buy more of a good/service at lower prices and less at higher prices.
law of supply
law of demand
demand
supply
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The willingness and ability to bring to the market (produce/sell) specific quantities of a good/service at different prices.
supply
demand
surplus
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The one price at which quantity supplies equals quantity demanded.
elasticity
price ceiling
equilibrium price
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Generally, the price is set below equilibrium price and results in this. More demand than supply.
demand
shortages
surplus
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The willingness and ability to buy specific quantities of a good/service at different prices.
demand
supply
price floor
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The degree to which buyers and sellers respond to price changes.
supply
elasticity
price ceiling
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This prevents market forces of supply and demand to set prices.
price ceiling
price floor
supply
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