SUPPLY DEMAND BASICS

SUPPLY DEMAND BASICS

11th - 12th Grade

•

25 Qs

quiz-placeholder

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SUPPLY DEMAND BASICS

SUPPLY DEMAND BASICS

Assessment

Quiz

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Other

•

11th - 12th Grade

•

Practice Problem

•

Medium

Created by

Jon Inge

Used 2+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The total amount of a product (good or service) available for purchase at any specified price.

Supply

Demand

Equilibrium

producers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The quantity demanded and quantity supplied are equal. There is neither a surplus or a shortage.

Supply

Demand

Equilibrium

free market

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Law of Demand

the quantity supplied of a good rises when the price of the good rises

the quantity demanded of a good falls when the price of the good rises

business will supply what the consumers demand

the lower the price, the more popular it will be

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the market equilibrium price?

50 cents

60 cents

80 cents

$1

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the quantity supplied and demanded at the market equilibrium price?

2

6

8

10

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

At a price of $4, what is the quantity producers will supply?

60

50

30

10

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the market equilibrium price for this product?

~ $1.50

~ $2.30

~ $1

~ $5

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