It's the Law- Supply and Demand quiz

It's the Law- Supply and Demand quiz

9th - 12th Grade

18 Qs

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It's the Law- Supply and Demand quiz

It's the Law- Supply and Demand quiz

Assessment

Quiz

Fun

9th - 12th Grade

Practice Problem

Medium

Created by

Wendy Layne

Used 7+ times

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The quantity of a good or service that consumers will buy varies inversely with the price of the good or service

Law of Demand

Law of Supply

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The quantity of a good or service that will be offered for sale varies in direct relation to its selling price

Law of Demand

Law of supply

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The point at which the quantity supplied is equal to the quantity demanded.

Threshold

Equilibrium

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The price of a product is low because there is a large supply.

Buyer's market

Seller's market

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

When the quantity demanded is much greater than the quantity produced.

Buyer's market

Seller's market

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Elasticity is an indication of how changes in ________ will affect supply and demand.

inventory

price

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The point at which the quantity of a good that buyers demand is equal to the quantity the sellers supply

Break even price

Equilibrium price

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