
Concept Quiz
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Social Studies
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University
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Practice Problem
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Munshinaser eco
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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Law of demand
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Law of supply
The law of demand
The law of equilibrium
The law of supply states that as the price of a good or service increases, the quantity supplied also increases.
The law of scarcity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Market equilibrium
The law of supply
The law of demand
Market equilibrium occurs when the quantity demanded in a market is equal to the quantity supplied.
The law of scarcity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Equilibrium means
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Law of demand
The law of scarcity
The law of supply
The law of demand describes the inverse relationship between price and quantity demanded.
The law of equilibrium
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Law of equilibrium
The law of demand
The law of equilibrium
The law of equilibrium states that in a market, the quantity demanded is equal to the quantity supplied.
The law of scarcity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity in economics
Abundance of resources
Unlimited wants and limited resources
Scarcity refers to the situation where human wants exceed the resources available to fulfill those wants.
Equilibrium in supply and demand
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