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Demand and supply Second Block

Authored by Sherica Simmonds

Business

9th - 12th Grade

Used 1+ times

Demand and supply Second Block
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In terms of Demand, what happens when the price of the products or services increases?

The demand increases.

The quantity demanded decreases.

The quantity demaded increases.

The demand decreases.

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What are the factors which affect the slopping curve of Demand? (hint:select more than one option)

The income effect

Technology

The law of diminishing marginal utility

The substitution effect.

Tastes/preferences

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Regarding "demand", there's a direct relationship between "price" and "quantity demanded".

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Regarding "demand", when the price increases, the quantity demanded:

increases too.

decreases.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Regarding "supply", when the price increases, the quantity supplied:

increases too.

decreases.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Regarding supply, what is surplus?

When the quantity supplied is greater than the quantity demanded.

When the quantity demanded is greater than the quantity supplied.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Regarding supply, what is shortage?

When the quantity supplied is greater than the quantity demanded.

When the quantity demanded is greater than the quantity supplied.

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