Demand

Demand

12th Grade

8 Qs

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Demand

Demand

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Fabian Whylly

Used 1+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The want or willingness a consumer has to purchase a good or a service is called?

shortage
supply
price
demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When classifying a good or service as having demand, that means that consumers have both the desire for the good or service and ____________.

the ability to pay for it.

it is a need, not just a want.

there is enough supply of the product for them to demand.

there is no substitute available.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In free market economies, for producers to make a profit, they will want to offer goods and services at the ____ price possible.

highest

lowest

fairest

cheapest

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers serve their own self interest by purchasing the best products at the _____ prices possible.

highest

lowest

fairest

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of demand as price increases what happens to demand?

increases

decreases

unchanged

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The relationship between price and quantity demanded is ___.

inverse

direct

unrelated

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When an increase in demand occurs, which direction will a demand curve shift?

up

down

left

right

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a decrease in demand occurs, which way will a demand curve shift?

up

down

left

right