Concept Quiz

Concept Quiz

University

7 Qs

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Concept Quiz

Concept Quiz

Assessment

Quiz

Social Studies

University

Practice Problem

Medium

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Munshinaser eco

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7 questions

Show all answers

1.

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

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

A state of balance or stability where opposing forces or factors are equalized.
A state of imbalance
A condition of chaos
A situation of stagnation

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