What is the equilibrium price in a market?

1# Understanding Economic Concepts Quiz

Quiz
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Other
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7th Grade
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Medium
Jacob life)
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The price at which supply exceeds demand
The price at which demand exceeds supply
The price at which supply equals demand
The price set by the government
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the law of supply?
As price increases, supply decreases
As price decreases, supply increases
As price increases, supply increases
Supply is independent of price
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a monopoly in market structure?
A market with many sellers and one buyer
A market with one seller and many buyers
A market with many sellers and many buyers
A market with no sellers
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a type of business ownership?
Monopoly
Partnership
Supply chain
Demand curve
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the demand when the price of a product decreases, assuming all other factors remain constant?
Demand decreases
Demand increases
Demand remains the same
Demand becomes zero
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of a free enterprise system?
Government sets all prices
Businesses are owned by the state
Businesses operate with minimal government interference
There is no competition
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the circular flow of the economy?
The movement of goods and services in a straight line
The movement of money, resources, and goods in a circular pattern
The movement of money only
The movement of resources only
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