Supply and Demand Equilibrium, Surplus, and Shortage 1

Supply and Demand Equilibrium, Surplus, and Shortage 1

9th - 12th Grade

21 Qs

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Supply and Demand Equilibrium, Surplus, and Shortage 1

Supply and Demand Equilibrium, Surplus, and Shortage 1

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

Corina Allen

Used 6+ times

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21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Supply and demand determine

needs and wants.

all goods produced

the price for a good or service

all of the other options

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Equilibrium

when there is a surplus

when there is a shortage

when there is both a surplus and a shortage

when the producer and consumers agree on a price

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand says

producers will supply more when prices decrease

producers will supply more when prices increase

consumers will buy more when prices increase

consumers will by less when prices increase

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A producer will cause a shortage,

if the price for a good is set too high.

if the price for a good is set too low.

if the price is set att the equilibrium point

none of the other options

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A price floor is when

the government sets a mximum price

the government sets a minimum price

the government allows the market to decide the price for a good

all of the other options

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On a supply and emand graph, one can find the equilibrium price by locating

only the demand curve

only the supply curve

where the demand and supply cross/intersect

the title of the graph

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A producer will cause a surplus

if the price of a good is set too high

if the price of a good is set too low

if prices is set at the equilibrium point

none of the other options

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