Introduction to  Supply and Demand

Introduction to Supply and Demand

10th Grade

29 Qs

quiz-placeholder

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Introduction to  Supply and Demand

Introduction to Supply and Demand

Assessment

Quiz

Business

10th Grade

Medium

Created by

Ross Gibson

Used 7+ times

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29 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of 'supply'?

Amount of something

Consumer want + ability to pay

Amount producers are willing to sell

What buyers pay for something

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'demand' refer to?

Amount of something

What buyers pay for something

Consumer want + ability to pay

Amount producers are willing to sell

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a 'market'?

Consumer want + ability to pay

What buyers pay for something

Amount producers are willing to sell

Place where products are exchanged

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when there is a surplus?

Supply equals demand

Demand equals supply

Demand is greater than supply

Supply is greater than demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the result of a shortage?

Supply is greater than demand

Demand equals supply

Supply equals demand

Demand is greater than supply

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is 'equilibrium' in a market?

Demand is greater than supply

Supply is greater than demand

Demand equals supply

Supply equals demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is a 'consumer'?

Person who buys the product

Makes or sells the product

Amount producers are willing to sell

Group working towards shared goal

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