
Demand and Supply Review
Authored by Aaron McWaters
Social Studies
12th Grade
Used 12+ times

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41 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What two factors are necessary for demand?
desire for a good or service and its availability in the market
desire for a good or service and the ability to pay for it
the availability of a good or service and the ability to pay for it
familiarity with a good or service and the desire to pay for it
2.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
According to the law of demand, what happens when prices go down?
Demand increases.
Quantity demanded increases.
Demand decreases.
Quantity demanded decreases.
3.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Which is a teenager most likely to have demand for?
new sports car
luxury condominium
athletic shoes
building blocks
4.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
According to the law of demand, what is the relationship between quantity demanded and price?
a complementary relationship
an inverse relationship
an orderly relationship
a substitutionary relationship
5.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What is a market demand schedule?
a table showing how much of a product an individual will buy
a table showing how much of a product a market will buy
a graph showing how much of a product an individual will buy
a graph showing how much of a product a market will buy
6.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Which of the following describes a demand curve?
It is a horizontal line.
It slopes downward from left to right.
It slopes downward from right to left.
It is bow-shaped.
7.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What is a market demand curve?
a table showing how much of a product an individual is willing and able to buy
a table showing how much of a product a market is willing and able to buy
a graph showing how much of a product an individual is willing and able to buy
a graph showing how much of a product a market is willing and able to buy
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