Understanding Demand and Supply Concepts

Understanding Demand and Supply Concepts

12th Grade

25 Qs

quiz-placeholder

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Understanding Demand and Supply Concepts

Understanding Demand and Supply Concepts

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Leigh Mize

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Law of Demand state?

As price increases, quantity demanded increases

As price increases, quantity demanded decreases

As price decreases, quantity supplied decreases

As income increases, demand decreases

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the Law of Supply?

As price increases, quantity supplied decreases

As price increases, quantity supplied increases

As price decreases, quantity supplied increases

As demand increases, supply decreases

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is elasticity of demand?

The responsiveness of quantity demanded to a change in price

The total amount supplied at a given price

The amount of money consumers have

The number of suppliers in a market

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a supply and demand graph, what is typically shown on the vertical axis?

Quantity

Price

Income

Time

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a non-price factor affecting demand?

Consumer income

Price of the good itself

Quantity supplied

Cost of production

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market in the circular flow model is where households sell factors of production?

Product market

Factor market

Goods market

Service market

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A movement along the demand curve is caused by:

A change in consumer preferences

A change in the price of the good

A change in income

A change in the price of related goods

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