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Demand

Authored by Wayground Content

Social Studies

10th - 12th Grade

Used 8+ times

Demand
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which concept of demand does the graph represent?

Change in Price

Change in Demand (Shift)

Decrease in Demand

Change in Quantity Demand (Slide)

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The desire to have some good or service and the ability to pay for it

supply

equilibrium

demand

quantity demanded

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The law of demand states that

price and quantity demanded are inversely related

the larger the number of buyers in a market, the lower will be product price

price and quantity demanded are directly related

consumers will buy more of a product at high prices than at low prices

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the effect on demand when a product becomes a necessity for consumers?

Demand becomes perfectly elastic

Demand decreases

Demand becomes inelastic

Demand remains constant

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which of these best describes the law of demand?

if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down

there is no law of demand, each situation is unique and demand and prices cannot be predicted

prices will go up for certain goods when quantity demanded goes up and vice versa

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

If the price of gas goes up and total revenue goes up, what does that say about the elasticity of gas?

Gas is Elastic

Gas is Inelastic

Gas is Unitary Elastic

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When consumers react to an increase in a good's price by consuming less of that good and more of other goods.

Cost Effect

Income Effect

Substitution Effect

Inflationary Effect

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