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The Law of Supply and Demand

Authored by Carmen James

Business

10th - 12th Grade

Used 68+ times

The Law of Supply and Demand
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35 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When producers offer more of a good as its price increases and less as its price falls, this defines the

law of demand

law of supply

change in demand

change in supply

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The willingness and ability of a producer to make a product is referred to as

quantity supplied

quantity demanded

supply

demand

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Movement along a supply curve demonstrates

a change in quantity supplied

a change in quantity demanded

a change in supply

a change in demand

4.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Which of these demonstrates an example of a supply curve? (More than one answer)

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5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following supply curves demonstrates a decrease in the quantity supplied?

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6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A decrease in supply is demonstrated by which of the following?

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7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

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