Demand and Supply
Authored by Anna Maria Silitonga
Social Studies
7th Grade
Used 16+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the law of supply, what happens when the price of a good increases?
The supply curve shifts to the right.
People are willing to buy what is supplied.
The supply curve shifts to the left.
The quantity supplied increases.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The desire to own a product and the ability/ willingness to pay for it. This is the definition for:
The desire to own a product and the ability/ willingness to pay for it. This is the definition for:
Supply
Demand
Market
Elasticity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The supply curve shows the relationship of quantity and price demanded.....
False
True
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What occurs when quantity supplied is greater than quantity demanded at ruling price?
What occurs when quantity supplied is greater than quantity demanded at ruling price?
Excess Demand
Equilibrium Price
Comparative Static Analysis
Excess Supply
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Law Of Demand helps to explain social behavior.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The _________ is the price where supply of quantity equals quantity demanded
Supply
Demand
Equilibrium
Equal
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a component of demand?
Desire
Surplus
Ability
Willingness
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