supply and demand review
Authored by Ann Schulman
Social Studies
12th Grade
Used 25+ times
AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The price of Pepsi skyrocketed to $20 a bottle so the quantity demanded for Coca Cola increases because they are
Substitute goods
Inverse goods
Complimentary goods
Supplied goods
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Demand is best defined as the measure of how much consumers are able and willing to buy
At one price in a given period of time
At different possible prices in a given period of time
Above the equilibrium price at a given time
According to their income and budget over time
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Demand for a product tends to be price-inelastic when the product has
Few if any substitutes
More consumers than producers
Fixed prices instead of flexible prices
No complimentary goods
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The inverse relationship between the price of a product and the quantity that consumers will buy is known as
The principle of pricing
The law of demand
Efficiency
Diminishing marginal returns
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If consumers readily switch to substitutes when the price of butter increases by only a small amount, the demand for butter is said to be
Static
Elastic
Inelastic
market based
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Demand for insulin tends to be price-inelastic because the drug is considered
A complimentary good
A useful item
A necessity
A substitute
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is likely to increase the demand for peanut butter?
An increase in the cost of bread
News that insects have destroyed much of the peanut crop
A big increase in the price of jelly
Fewer children in the population
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports
Continue with Google
Continue with Email
Continue with Microsoft
or continue with
%20(1).png)
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?
