In a small town, there were two bakeries. If one bakery shuts down, what is the most likely effect on the price of baked goods in the town?
Spending, Saving, and Donating Test

Quiz
•
Science
•
3rd Grade
•
Easy
Melanie Green
Used 2+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A. Prices will rise.
B. Prices will fall.
C. Prices will remain unchanged.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the demand for a product is low, what will the seller most likely do?
Lower the price
Raise the price
Keep the price the same
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which scenario is likely to cause an increase in the price of a product?
There is an abundance of apples in the market.
More people want concert tickets than there are tickets available.
Many companies are producing the same smartphone model.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A new toy was released in stores today. The toys sold out quickly, leaving many customers without one. More units are expected to arrive soon. If the demand continues to exceed supply, what is likely to happen?
The price of the toys could increase
Customers will lose interest in the toy.
The production cost of the toy could rise.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What impact will an increase in demand for lawn mowing services have on the price Sam can charge?
Sam can increase his lawn mowing price.
Sam must decrease his lawn mowing price.
Sam will have to stop mowing lawns.
The price Sam charges will remain unchanged.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which situation BEST illustrates the concept of scarcity?
A drought has led to a shortage of drinking water.
New smartphones are being released every year.
A factory has an excess of unsold products.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement BEST describes what scarcity is?
A. People buy more products than they need.
B. People do not earn enough to meet their needs.
C. People want more resources than there are available.
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