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Unit 2: Supply and Demand

Authored by Megan Roberts

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Used 8+ times

Unit 2: Supply and Demand
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17 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Match each economic term with its definition: The quantity of a good or service that consumers are both willing and able to buy at various prices.

Equilibrium Price
Price Floor
Demand
Elasticity
Surplus

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Match each economic term with its definition: The degree to which a quantity demand or supplied changes based on a change in price

Equilibrium Price
Price Floor
Demand
Elasticity
Surplus

3.

MULTIPLE CHOICE QUESTION

30 sec • 6 pts

Match each economic term with its definition: The price at which the quantity of a product demanded by consumers equals the quantity supplied by produces

Equilibrium Price
Price Floor
Demand
Elasticity
Surplus

4.

MULTIPLE CHOICE QUESTION

30 sec • 6 pts

Match each economic term with its definition: A minimum price set by the government to prevent prices from going too low

Equilibrium Price
Price Floor
Demand
Elasticity
Surplus

5.

MULTIPLE CHOICE QUESTION

30 sec • 6 pts

Match each economic term with its definition: When the quantity supplied at a specific price exceeds the quantity demanded

Equilibrium Price
Price Floor
Demand
Elasticity
Surplus

6.

MULTIPLE CHOICE QUESTION

30 sec • 6 pts

Which of the following is NOT a demand shifter?

Buyers (Number of)
Related products
Natural disasters
Desires of consumers

7.

MULTIPLE CHOICE QUESTION

30 sec • 6 pts

What does elasticity measure?

the change in production of a product
the change in price of a product
consumer reactions to a change in production
consumer reaction to price changes

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