Ch. 6: Pricing System

Ch. 6: Pricing System

12th Grade

•

37 Qs

quiz-placeholder

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Ch. 6: Pricing System

Ch. 6: Pricing System

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Practice Problem

•

Medium

Created by

Renae Stoudt

Used 32+ times

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37 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What should the price of this product be? How many will be sold at that price?

$9, 13 items

$10, 15 items

$8, 12 items

$18, 18 items

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is equilibrium important?

Equilibrium determines the price and quantity that a product should be sold at

Equilibrium determines the price that would be best for consumers

Equilibrium determines the price that would be best for producers

Equilibrium determines the break even point for producers

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

At what price is the greatest surplus?

$18

$12

$10

$2

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

At what price is the smallest shortage?

$2

$8

$10

$18

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

At $4 is the a surplus or shortage? How much of a surplus or shortage?

Surplus of 15 items

Shortage of 5 items

Shortage of 15 items

Surplus of 21 items

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Where is the smallest surplus? How much of a surplus is there?

At $18 there is a surplus of 24 items

At $2 there is a surplus of 21 items

At $10 there is a surplus of 3 items

At $8 there is a surplus of 3 items

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When there is a surplus what needs to happen to reach equilibrium?

A rain check should be offered.

The price must decrease.
The price must increase.
The quantity supplied must decrease.

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