
Chapter 12 Quiz
Quiz
•
Business
•
12th Grade
•
Practice Problem
•
Medium
Erica D
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_____ is the quantity of goods and services that a business is willing to sell at a specific price and a specific time.
Demand
Supply
Product
Service
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_____ is the quantity of goods and services that customers are willing to buy at a specific price and a specific time.
Demand
Supply
Product
Service
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_____ is when the quantity supplied is greater than the demand.
Demand
Supply
Surplus
Shortage
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_____ occurs when the quantity supplied can’t meet the demand.
Demand
Supply
Surplus
Shortage
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_____ is the ideal quantity at a given price that a customer is willing to pay so that they can meet demand and maximize profits.
equilibrium point
surplus point
shortage point
demand point
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_____ is the quantity at which the supply equals the demand.
Equilibrium price
Equilibrium point
Equilibrium quantity
Shortage point
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_____ is the price at which supply equals demand.
Equilibrium price
Equilibrium point
Equilibrium quantity
Shortage point
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