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Demand

Authored by Julien Gemmeli

Social Studies, Other

12th Grade

Used 61+ times

Demand
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a surplus?

Not enough production

An excess of production

The profit made after products are sold

The amount of sales of a product over a given period

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of demand, what happens when the price of a product goes up?

People buy more

People buy less

People buy the same amount

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As the price of a product goes down, people buy less of that product

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers try to buy things at the lowest possible price

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a demand schedule and a market demand schedule?

A market demand schedule shows prices at a given moment

A market demand schedule shows consumer behavior for an entire market

A demand schedule is for one person

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An individual demand schedule gives a producer all the information they need

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of diminishing marginal utility states that the marginal benefit each unit of a good or service tends to increase each time it's used

True

False

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