
Markets and Efficiency - week 3
Authored by Nicolle Culey
Business
11th Grade

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the law of demand?
As the price of a good increases, the quantity demanded increases.
As the price of a good increases, the quantity demanded decreases.
As the price of a good decreases, the quantity demanded decreases.
There is no relationship between the price of a good and the quantity demanded.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is market equilibrium?
The point where supply exceeds demand.
The point where demand exceeds supply.
The point where quantity demanded equals quantity supplied.
The point where prices are highest.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price elasticity of demand for a product is greater than 1, the demand is considered:
Inelastic
Elastic
Unitary elastic
Perfectly inelastic
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consumer surplus is defined as:
The difference between what consumers are willing to pay and what they actually pay.
The difference between what producers are willing to accept and what they actually receive.
The total revenue received by producers.
The total cost incurred by producers.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Producer surplus is:
The difference between the market price and the minimum price at which producers are willing to sell.
The total cost of production.
The total revenue minus total cost.
The difference between the highest price consumers are willing to pay and the market price.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of market failure?
Perfect competition
Externalities
Market equilibrium
Consumer surplus
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a product market, which of the following is traded?
Labour
Capital
Goods and services
Land
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