It's the Law- Supply and Demand quiz
Authored by Wendy Layne
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9th - 12th Grade
Used 7+ times
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18 questions
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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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