What is the law of demand?
ML FBLA Exploring Economics - Supply and Demand

Quiz
•
Business
•
6th - 8th Grade
•
Easy
Jennifer Parker
Used 2+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
As price decreases, demand increases
As price increases, demand increases
As price stays the same, demand stays the same
As price decreases, supply increases
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of supply?
As price increases, supply decreases
As price decreases, supply decreases
As price increases, supply increases
As price stays the same, supply stays the same
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when there is a high demand for a product and the supply is low?
Prices tend to decrease
Prices tend to stay the same
Prices tend to increase
Prices become unpredictable
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a product that would have high demand when the price is low?
Gasoline
Electronics
Candy
Designer clothes
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When supply increases, what typically happens to the price of a good?
The price rises
The price stays the same
The price decreases
The price becomes unpredictable
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a market equilibrium?
When supply is greater than demand
When demand is greater than supply
When supply and demand are equal
When prices keep rising
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the point where supply and demand curves intersect?
Price ceiling
Equilibrium price
Shortage
Surplus
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