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Chapter 20 Supply, Demand and Competition

Authored by Nancy Hyatt

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Used 1+ times

Chapter 20 Supply, Demand and Competition
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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Media Image

1. Which definition fits in the supply box?

the quantity of a good or service that a buyer is willing and able to purchase at a specific price.
the quantity of a good or service that a business is willing and able to make available for sale at a specific price.

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Media Image

2. Which definition fits in the demand box?

the quantity of a good or service that a buyer is willing and able to purchase at a specific price.
the quantity of a good or service that a business is willing and able to make available for sale at a specific price.

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Media Image

3. What happens to price when the situation in the graphic occurs?

price goes up
price goes down
price stays the same

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Media Image

4. What happens to price when the situation in the graphic occurs?

pice goes up
price goes down
price stays the same

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

5. Peppy Pizzeria sells pizza for $2.00 per slice. If Peppy Pizzeria increases the price to $3.00 per slice, what will most likely occur?

Peppy Pizzeria will sell less pizza.
Peppy Pizzeria will sell more pizza.
Peppy Pizzeria’s pizza will taste better.

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Media Image

This is a series of two related questions. The text and photographs are the same for both questions. In 1973, many Arab countries established an oil embargo. They refused to export oil to countries that supported Israel in the Yom Kippur War. The embargo was against the United States, Canada, United Kingdom, Netherlands, and Japan. PART A 6. How did the embargo impact the supply of oil in the United States?

oil supply increased
oil supply decreased
oil supply stayed the same

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Media Image

7. How did the embargo impact the price of oil in the United States?

oil prices increased
oil prices decreased
oil prices stayed the same

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