What is the term for the total amount of a product that consumers are ready to purchase at various price levels?
Unit 3: Supply & Demand

Quiz
•
Social Studies
•
10th Grade
•
Medium
Travis Gower
Used 4+ times
FREE Resource
36 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Quantity demanded
Demand
Supply
Quantity supplied
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Jackson runs a lemonade stand and is able and willing to sell a certain number of cups at one specific price. This number would be called his
supply
demand
quantity supplied
quantity demanded
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the Law of Supply, what happens when the price of a product increases?
More suppliers are willing to sell the product.
Fewer suppliers are willing to sell the product.
The demand for the product increases.
The demand for the product decreases.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Rohan is trying to understand what determines the price and the quantity produced of most goods. What should he consider?
the consumer’s perception of necessity
The interaction of supply and demand
The availability of substitutes for the goods
The quality of the goods that are produced
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the concept of inferior goods?
Goods that are of low quality
Goods that decrease in demand as income rises
Goods that are always in high demand
Goods that have expensive substitutes
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sophia is running a small bakery. Which of the following is a determinate of Supply for her bakery?
Price of other goods: Complements
Number of Buyers
Capital Improvements: Education
Tastes and Preferences
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which factor can influence both the supply and demand in a market?
Government regulations
Technological advancements
Consumer preferences
Availability of Credit
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