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Demand & Elasticity Review

Authored by Mathew Owen

Financial Education

10th Grade

Used 4+ times

Demand & Elasticity Review
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26 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of demand?

The amount of goods available for sale.

The willingness and ability to buy something.

The total revenue generated by a company.

The cost of producing a good or service.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Law of Demand state?

As the price of a good rises, the quantity demanded will rise.

As the price of a good falls, the quantity demanded will fall.

As the price of a good rises, the quantity demanded will fall.

As the price of a good falls, the quantity demanded will remain the same.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the Law of Demand, what happens to the quantity demanded when the price falls?

The quantity demanded will fall.

The quantity demanded will rise.

The quantity demanded will remain the same.

The quantity demanded will fluctuate.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following symbols correctly represents the Law of Demand?

P↑ QD↑

P↓ QD↓

P↑ QD↓

P↓ QD↔

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does "Quantity Demanded" (Qd) refer to?

The total amount of goods produced in a market.

The amount of a good you demand at a certain price.

The amount of money spent on goods.

The number of suppliers in a market.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a Demand Schedule show?

The quantity demanded at various prices

The supply available at various prices

The total revenue at various prices

The cost of production at various prices

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What happens to the quantity demanded (Qd) as the price increases from $1 to $7?

The quantity demanded increases

The quantity demanded remains the same

The quantity demanded decreases

The quantity demanded fluctuates

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