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Fun Friday - Supply/Demand/Perfect Competition

Authored by Christopher Russo

Social Studies

11th - 12th Grade

Used 2+ times

Fun Friday - Supply/Demand/Perfect Competition
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the goal of a firm?

to make profits

to maximize profits

to maximize revenue

none of the above

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Definition of Marginal Utility

the satisfaction from consumption

to total satisfaction from consuming a product

the extra satisfaction from the last unit consumed

the extra consumption from last unit consumed

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Where are factors of production (land, labor, etc) exchanged in the circular flow model?

Factor Market

Product Market

Firms

Individuals

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following pairs is an example of substitutes?

Cereal and Milk

calculators and iPods

Gatorade and Powerade

water skiing and skateboarding

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When the price of something increases, the quantity demanded ___?

decreases

reverses

increases

remains the same

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A decrease in the price of a good will

increase supply.
decrease supply.
increase quantity supplied.
decrease quantity supplied.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Which graph below shows the SUPPLY CURVE?

A
B
C
D

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