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Supply and Demand Test

Authored by COLTON GROVE

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12th Grade

20 Questions

Used 5+ times

Supply and Demand Test
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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

the amount of money a company receives by selling its goods

Total Revenue

Expense
Cost

Elastic

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Demand is the ____ and ____ of consumers to purchase a good or service.

desire and need
interest and preference
capacity and choice
willingness and ability

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

when a good’s price is lower, consumers will buy more of it

Total Revenue

Uniform Demand

Law of Demand

Law of Supply

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

a table that lists the quantity of a good that a person will purchase at various prices

demand schedule
price list
market demand curve

money schedule

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

takes place when a consumer reacts to a rise in the price of one good by consuming less of that good and more of a substitute good

Income effect
Price elasticity
Demand curve shift
Substitution effect

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

a graphical representation of a demand schedule

Supply curve
Demand curve
Price elasticity graph
Market equilibrium chart

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

demand that is very sensitive to change (buy more as price falls)

Inelastic demand

Substitution Effect

Total Revenue

Elastic demand

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