Micro Unit 2 Summary- Supply and Demand NEW!!!

Micro Unit 2 Summary- Supply and Demand NEW!!!

Assessment

Interactive Video

•

Business

•

11th Grade - University

•

Practice Problem

•

Hard

Created by

Wayground Content

FREE Resource

This video provides a comprehensive summary of microeconomics unit 2, covering demand, supply, elasticity, equilibrium, government intervention, and international trade. It explains key concepts like demand and supply shifters, elasticity types, consumer and producer surplus, and the effects of price ceilings, floors, and taxes. The video also discusses international trade's impact on surplus and tariffs, preparing students for exams.

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of this microeconomics unit summary video?

Advanced microeconomic theories

Detailed analysis of economic history

Summary of key microeconomic concepts

Introduction to macroeconomics

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a reason for the downward slope of the demand curve?

Substitution effect

Income effect

Law of diminishing marginal utility

Increase in production costs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does an upward sloping supply curve indicate?

Inverse relationship between price and quantity supplied

Constant relationship between price and quantity supplied

Direct relationship between price and quantity supplied

No relationship between price and quantity supplied

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of elasticity measures how sensitive quantity demanded is to a change in price?

Elasticity of demand

Cross-price elasticity

Elasticity of supply

Income elasticity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a perfectly inelastic demand curve imply?

Quantity demanded changes significantly with price changes

Quantity demanded changes slightly with price changes

Quantity demanded does not change with price changes

Quantity demanded is equal to quantity supplied

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is consumer surplus?

The difference between what consumers are willing to pay and what they actually pay

The total amount consumers pay for a product

The difference between the price and the cost of production

The total revenue generated by producers

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when a price ceiling is set above equilibrium?

It increases consumer surplus

It has no effect on the market

It creates a surplus

It creates a shortage

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