
Understanding Market Dynamics
Passage
•
Moral Science
•
11th Grade
•
Practice Problem
•
Medium
Salman Saif
Used 4+ times
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is price elasticity of demand?
A measure of how quantity demanded responds to price changes
A measure of how supply responds to price changes
A measure of market equilibrium
A measure of production costs
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when demand is elastic?
Consumers are sensitive to price changes
Consumers are insensitive to price changes
Supply increases
Supply decreases
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which factor does NOT affect supply?
Consumer preferences
Production costs
Technological advancements
Availability of resources
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What occurs at market equilibrium?
Quantity supplied equals quantity demanded
Supply exceeds demand
Demand exceeds supply
Prices continue to fluctuate
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is understanding market dynamics important?
It helps in making informed decisions
It guarantees profit
It eliminates competition
It ensures constant prices
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