The idea that suggests as price increases, the amount of goods/services purchased decreases in known as the Law of:
Economics CSA #2

Quiz
•
Social Studies
•
12th Grade
•
Hard
Ben Wolgemuth
Used 4+ times
FREE Resource
29 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Demand
Supply
Diminishing Marginal Utility
Elasticity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In our American free enterprise system, the market price is determined by
Government distribution of goods and services in the marketplace.
Demand for goods and services.
The interaction of the forces of supply and demand
What is available for producers to supply.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The idea suggesting that a change in inputs of production leads to a change in output is the:
Principle of Diminishing Marginal Utility
Law of Variable Proportions
Law of Diminishing Returns
Elasticity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This economic concept states that as people consume more and more units of a product, they become less eager to acquire additional units.
Principle of Diminishing Marginal Utility
Law of Variable Proportions
Law of Diminishing Returns
Elasticity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This economic idea shows the point that additional units of input may add less and less to total output is known as:
Principle of Diminishing Marginal Utility
Law of Variable Returns
Law of Diminishing Returns
Elasticity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which best describes the Law of Supply:
Sellers will offer more goods at a higher price than a lower price
Buyers will purchase more at lower prices than higher prices
Price changes will have little effect on the demand of the product
Buyers will purchase more at higher prices if the good is scarce
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The reason why businesses would offer "deals" on purchases of a larger quantity of a good demonstrates which economic concept?
A. Principle of Diminishing Marginal Utility
B. Law of Variable Proportions
C. Law of Diminishing Returns
D. Elasticity
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