Module 5 & 6 Key Terms

Module 5 & 6 Key Terms

12th Grade

21 Qs

quiz-placeholder

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Module 5 & 6 Key Terms

Module 5 & 6 Key Terms

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Mr Brunn

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21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A market in which there are many buyers and sellers of the same good or service, none of whom can influence the price at which the good or service is sold.

Supply Market

competitive market

Demand Market

Competitive Equilibrium

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Shows how much of a good or service consumers will be willing and able to buy at different prices.

Supply curve

Supply schedule

Demand schedule

Substitutes

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A graphical representation of the demand schedule. It shows the relationship between quantity demanded and price.

Supply curve

Demand schedule

Supply schedule

Demand curve

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A change in the quantity demanded of a good that is the result of a change in that good's price.

Substitutes

movement along the demand curve

Demand curve

Complimentary goods

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

If a rise in the price of one of the goods leads to an increase in the demand for the other good.

Complements

Normal good

substitutes

Inferior good

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A rise in the price of one of the goods leads to a decrease in the demand for the other good.

Substitutes

Complements

Demand curve

Inferior good

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

When a rise in income increases the demand for a good—the normal case.

Inferior good

Complements

Normal good

Law of goods

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