Supply & Demand

Supply & Demand

9th Grade

10 Qs

quiz-placeholder

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Supply & Demand

Supply & Demand

Assessment

Quiz

Business

9th Grade

Practice Problem

Hard

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to prices when supply exceeds demand?

There is no effect on prices

Prices remain the same

Prices fall

Prices rise

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is price elasticity of demand?

The increase of supply when prices rise

The decrease of demand when supply rises

The change in demand when prices are static

The sensitivity of prices in relation to demand

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What describes inelastic prices?

Prices that directly control supply

Prices that are unaffected by supply

Prices that have a strong influence on demand

Prices that have a weak influence on demand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can cause the price elasticity of a product?

A decrease in consumer income

The presence of more affordable alternatives in the market

A fixed supply of the product

Government intervention

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of a product with few substitutions?

Fashion accessories

Luxury cars

Smartphones

Healthcare services

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can negate the principles of supply and demand?

Transparent pricing

Monopolies

High product quality

Consumer education

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the public's perception after the terrorist attacks on Sept. 11, 2001, regarding?

The safety of air travel

The security of national landmarks

The stability of the stock market

The future availability of oil

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