
Unit 2: Microeconomics
Quiz
•
Social Studies
•
11th Grade
•
Medium
Vincent Flores
Used 10+ times
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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Consumers will buy more of a good when its price is lower and less when its price is higher.
Law of Demand
Law of Supply
Price Floor
Price Ceiling
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Producers offer more of a good or service as its prices increases and less as its price falls.
Law of Demand
Law of Supply
Price Floor
Price Ceiling
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The point at which the quantity demanded for a product or service is equal to the quantity supplied of that product or service.
Equilibrium
Price Stability
Shortage
Supply
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A minimum price consumers are required to pay for a good or service.
Price Ceiling
Market Clearing Price
Equilibrium
Price Floor
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A maximum price consumers are required to pay for a good or service.
Price Ceiling
Equilibrium
Market Clearing Price
Price Floor
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A business owned and managed by a single individual.
Partnership
Corporation
Sole Proprietorship
Limited Partnership
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A market in which a single seller dominates.
Monopolistic Competition
Monopoly
Oligopoly
Perfect Competition
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