The ______ states that as the price of a good rises, the quantity consumers are willing to purchase decreases.
Economics Unit 2 Review

Quiz
•
Social Studies
•
11th Grade
•
Medium
Kelli Keefer
Used 84+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Law of Demand
Law of Supply
Law of Diminishing Marginal Utility
Law of Increasing Opportunity Costs
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The ______ states that as the price of a good rises, the quantity producers are willing to produce increases.
Law of Demand
Law of Supply
Law of Diminishing Marginal Utility
Law of Increasing Opportunity Costs
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
True or False: A change in the price of a product causes a shift in the demand curve.
True
False
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Do the circled points represent a price floor or a price ceiling?
Price Floor
Price Ceiling
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Do the circled points represent a price floor or a price ceiling?
Price Floor
Price Ceiling
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Do the circled points represent a surplus or shortage?
Surplus
Shortage
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Do the circled points represent a surplus or shortage?
Surplus
Shortage
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