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Supply and Demand

Authored by Daniel Fazio

Social Studies

12th Grade

22 Questions

Used 1+ times

Supply and Demand
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A consumer's ability and willingness to buy a good at a series of prices

supply

demand

elasticity

equilibrium

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand states that

as prices rise, the demand goes down

as prices rise, the demand goes up

price and demand are completely unrelated

demand increases and so the supply must also increase

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The shape of a demand curve

is flat

is a vertical line

slopes up and to the right

slopes down and to the right

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A producer's ability and willingness to sell a good or service at a series of prices is called

demand

supply

the market price

quantity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of supply states that

Price and quantity demanded have an inverse relationship

As prices rise, the supply will decrease

Price and supply have no relation

As prices rise, the supply too will rise

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do suppliers supply more when prices are high?

It is more expensive to make their product

When prices are higher, they are making more of a profit

The demand is low

They want to bring the price down

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The shape of a supply curve

Looks like a parabola

Slopes down from left to right

Slopes up from left to right

Is a vertical line

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