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ECON Unit 2

Authored by Taylor Coe

Social Studies

10th - 12th Grade

Used 24+ times

ECON Unit 2
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37 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For the law of demand, as price rises, what happens to quantity demanded?

it goes up
it goes down
it stays the same

it is not affected

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For the law of supply, as price rises, what happens to quantity supplied?

it goes up
it goes down
it stays the same

it is not affected

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a price is above equilibrium price, it creates a...

shortage
surplus
market price
demand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a price is below the equilibrium price it creates a...

shortage
surplus 
market price 
supply

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What does this curve represent?

demand
supply
equilibrium
shortage

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What does this curve represent?

supply
equilibrium
demand
surplus

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Media Image

What is the Equilibrium Price?

$1

$2

$3

$4

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