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Supply and Demand

Authored by Georgina Wagoner

Social Studies

12th Grade

Used 4+ times

Supply and Demand
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of demand, when the price of a good increases, what happens to the quantity demanded?

It increases

It decreases

It remains the same

It is unpredictable

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which concept explains the relationship between price and quantity demanded?

Price elasticity of demand

Income elasticity of demand

Substitution effect

Law of diminishing marginal utility

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the price of a good increases and consumers switch to a cheaper alternative, which effect is at play?

Price elasticity of demand

Income elasticity of demand

Substitution effect

Law of diminishing marginal utility

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which concept states that as a person consumes more of a good, the additional satisfaction or utility derived from each additional unit decreases?

Price elasticity of demand

Income elasticity of demand

Substitution effect

Law of diminishing marginal utility

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the demand for a good is highly responsive to changes in price, it is said to be:

Elastic

Inelastic

Unitary elastic

Perfectly elastic

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the demand for a good is not very responsive to changes in price, it is said to be:

Elastic

Inelastic

Unitary elastic

Perfectly inelastic

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which concept measures the responsiveness of quantity demanded to changes in income?

Price elasticity of demand

Income elasticity of demand

Substitution effect

Law of diminishing marginal utility

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