Demand
Quiz
•
Social Studies, Other
•
12th Grade
•
Medium
Julien Gemmeli
Used 61+ times
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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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