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Authored by Roshell Malinawan

Mathematics

University

Used 1+ times

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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand states that as price decreases, quantity demanded increases.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The substitution effect explains why consumers buy more of a product when its price rises.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The income effect means that lower prices reduce consumers' purchasing power.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market equilibrium occurs when quantity demanded equals quantity supplied.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Higher production costs typically lead to an increase in supply.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A rise in the price of rice in the Philippines will likely decrease the quantity demanded.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Natural disasters can disrupt supply and lead to higher prices.

True

False

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