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Unit 2 Markets

Authored by M Negrete

Social Studies

12th Grade

Used 1+ times

Unit 2 Markets
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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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