Unit 2 Markets
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Easy
M Negrete
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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Law of Demand
consumers buy more of a good when its price decreases and less when its price increases
when consumers react to an increase in a good's price by consuming less of that good and more of other goods
producers offer more of a good as its price increases and less as its price falls
describes demand that is very sensitive to a change in price
2.
FILL IN THE BLANK QUESTION
1 min • 1 pt
When consumers react to an increase in a good's price by consuming less of that good and more of other goods
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Normal Good
a good that consumers demand LESS of when their incomes increase
consumers buy more of a good when its price decreases and less when its price increases
a good that consumers demand MORE of when their incomes increase
describes demand that is very sensitive to a change in price
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Inferior Good
consumers buy more of a good when its price decreases and less when its price increases
a good that consumers demand LESS of when their incomes increase
total amount of money a firm receives by selling goods or services
a good that consumers demand MORE of when their incomes increase
5.
FILL IN THE BLANK QUESTION
1 min • 1 pt
describes demand that is very sensitive to a change in price
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
revenue minus total cost
Subsidy
Revenue
Profit
Elastic
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
total amount of money a firm receives by selling goods or services
Revenue
Profit
Law of Demand
Law of Supply
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