consumers will buy less of a good at a higher price and more of a good at a lower price

Econ Unit 2

Quiz
•
History
•
12th Grade
•
Easy
Laura Fuller
Used 23+ times
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
law of demand
law of supply
market equilibrium
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
which of the following is NOT a factor that changes demand
income
substitutes and complements
consumer tates
cost of production
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
demand or supply of a good that is sensitive to a change in price; follows law of demand and supply
elastic demand/supply
inelastic demand/supply
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
demand or supply of a good that will NOT CHANGE AMOUNT even if the price changes
inelastic demand/supply
elastic demand/supply
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
good used in place of another, especially if the price of the original item is high
substitute
complement
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
goods that are bought and used together
complement
substitute
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
producers will offer more of a good when the price is high and less of a good when the price is low
law of supply
law of demand
market equilibrium
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