According to the law of demand, what happens to product prices when they are low?
14.1- The Principles of Our Market Economy Quiz

Quiz
•
Social Studies
•
7th Grade
•
Medium
Lauren Inclema
Used 6+ times
FREE Resource
16 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
More people will buy
Producers make more money
More products are made
None of the above
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the four resources that producers need in order to create goods?
Technology, workers, money, and buildings
Rent, buildings, capital, and money
Labor, land, raw materials, and capital
Tools, interest, wants, and needs.
3.
FILL IN THE BLANK QUESTION
1 min • 1 pt
______________ is the amount of a product that producers are willing and able to offer at different prices.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When producers make more shirts to sell at $60 than they did at $40, this shows what?
The law of supply
The law of demand
The market price
Circular flow
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Market price is determined by what?
Circular flow
Law of supply
Law of demand
Laws of supply and demand
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
______________ is the amount of a product that buyers are willing and able to buy at different prices.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following, along with price, affects the demand for a product?
Advertising
Styles of fashion
Popularity of a brand
All the above
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