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Supply and Demand Review

Authored by Lenora Manna

Business

11th Grade

Used 18+ times

Supply and Demand Review
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24 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand states that there is a _________ relationship between price and quantity demanded

inverse

direct

many relationships

no relationship

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the law of demand, when price goes up, quantity demanded _____

increases

decreases

stays the same

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When you plot prices and quantity demanded on a graph, what is the result?

demand line

demand curve

a straight line

none of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which direction does the demand curve slope?

upwards

downward

in a straight line

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a reason why the demand curve slopes down?

substitution efect

income effect

government involvement

law of diminishing marginal utility

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is it called when changes in price motivate consumers to buy cheaper substitute goods? (This is a reason why the demand curve slopes the way it does)

income effect

substitution effect

law of diminishing marginal utility

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The __________ effect occurs when changes in price affect the purchasing power of customers. They can purchase less with the money they have.

law of diminshing marginal utility

substitution effect

income effect

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