
Exploring Supply and Demand Dynamics
Interactive Video
•
Social Studies
•
6th - 10th Grade
•
Medium

Aiden Montgomery
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What determines the price of goods and services?
Consumer's income
The producer's preferences
Supply and demand
The government
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the law of demand state?
Price increases when demand increases
Supply has no effect on demand
Consumers buy more when prices are lower
Demand decreases when supply increases
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the substitution effect?
Ignoring price changes
Switching to a similar product when another becomes too expensive
Substituting goods for services
Buying less due to increased prices
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens according to the income effect when prices rise?
Consumers feel wealthier
Consumers purchase more luxury goods
Income increases to match price rises
Consumers cut back on purchases
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the law of supply state?
Supply decreases as demand decreases
Producers offer more at higher prices
Supply is unrelated to price
Consumers control the supply
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What motivates a pizza shop to make more pizza?
Higher demand for pizza
Lower prices of pizza
Decreased cost of production
Higher potential revenues from sales
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a supply schedule?
A government regulation on supply
A list of prices and the corresponding quantity supplied
A plan for reducing supply
A consumer's purchasing plan
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