What happens to prices when supply exceeds demand?
Supply & Demand

Quiz
•
Business
•
9th Grade
•
Hard
DAVID NEWCOMB
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
There is no effect on prices
Prices remain the same
Prices fall
Prices rise
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is price elasticity of demand?
The increase of supply when prices rise
The decrease of demand when supply rises
The change in demand when prices are static
The sensitivity of prices in relation to demand
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What describes inelastic prices?
Prices that directly control supply
Prices that are unaffected by supply
Prices that have a strong influence on demand
Prices that have a weak influence on demand
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can cause the price elasticity of a product?
A decrease in consumer income
The presence of more affordable alternatives in the market
A fixed supply of the product
Government intervention
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an example of a product with few substitutions?
Fashion accessories
Luxury cars
Smartphones
Healthcare services
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can negate the principles of supply and demand?
Transparent pricing
Monopolies
High product quality
Consumer education
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was the public's perception after the terrorist attacks on Sept. 11, 2001, regarding?
The safety of air travel
The security of national landmarks
The stability of the stock market
The future availability of oil
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