WorksheetsSupply and Demand Test
Total questions: 20
Worksheet time: 10mins
the amount of money a company receives by selling its goods
Total Revenue
Elastic
Demand is the ____ and ____ of consumers to purchase a good or service.
when a good’s price is lower, consumers will buy more of it
Total Revenue
Uniform Demand
Law of Demand
Law of Supply
a table that lists the quantity of a good that a person will purchase at various prices
money schedule
takes place when a consumer reacts to a rise in the price of one good by consuming less of that good and more of a substitute good
a graphical representation of a demand schedule
demand that is very sensitive to change (buy more as price falls)
Substitution Effect
Total Revenue
demand that is not very sensitive to price changes (buy the same amount after a price increase)
Substitution Effect
Total Revenue
Is Gas Elastic or Inelastic
Inelastic
Both
Neither
the amount of a good or service that is available
a graphic representation of a supply schedule
What is the quantity demanded at $0.75
480
500
410
150
What is the quantity demanded at 11 dollars?
5650
600
450
400
What is the quantity supplied at 7 dollars?
400
500
600
700
Which is a factor that affects elasticity?
Relative Importance
Necessities vs Luxuries
Changes over Time
All of the Above
Are Candy Bars Elastic or Inelastic?
Elastic
Inelastic
Both
Neither
The Law of Supply states that when prices increase
Supply remains the same
Supply Decrease
Supply Increases
Demand Rises
turkey and cologne
The amount of goods available
Demand
Supply
Normal Good
Inferior Good
