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Microeconomics Vocabulary Quiz

Authored by Callie Wenslow

Social Studies

11th - 12th Grade

16 Questions

Used 105+ times

Microeconomics Vocabulary Quiz
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1.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

Which law states that the price of a good and the quantity demanded have an inverse relationship?

law of demand

law of supply

2.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

When there is a single seller in the market, it is called a _______?

partnership

corporation

oligopoly

monopoly

3.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

The __________ ________ is where the supply of goods matches demand.

equilibrium price

price floor

price ceiling

law of supply

4.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

An ___________ is when a few companies have significant control over a given market.

partnership

oligopoly

monopoly

revenue

5.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

A is the lowest legal price that can be paid in a market for goods and services, labor, or financial capital.

revenue

price ceiling

equilibrium Price

price floor

6.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

________ ________ exists when many companies offer competing products or services that are similar, but not perfect, substitutes.

monopolistic competition

corporation

oligopoly

law of supply

7.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

A ________ is a business entity that is owned by its shareholders.

monopoly

oligopoly

corporation

sole proprietorship

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