Unit 4: Prices, Supply, & Demand TEST

Unit 4: Prices, Supply, & Demand TEST

12th Grade

20 Qs

quiz-placeholder

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Unit 4: Prices, Supply, & Demand TEST

Unit 4: Prices, Supply, & Demand TEST

Assessment

Quiz

others

12th Grade

Practice Problem

Easy

CCSS
8.EE.B.5, 8.EE.C.8B

Standards-aligned

Created by

Riley Spitler

Used 4+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A Playstation 5 can be obtained for $409.99.

Price
Theory of Price
Law of Supply
Law of Demand
Elasticity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

New skincare products gain a substantial amount of publicity online, causing the demand to increase. As a response to the increased demand, considering the limited supply, the price for the new skincare products increase.

Theory of Price
Price
Law of Supply
Law of Demand
Elasticity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Once Apple raised the price for the newest Macbook model, they started producing more units. Apple wishes to sell more units at a higher price.

Law of Supply
Price
Theory of Price
Law of Demand
Elasticity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As the price for school supplies decrease following the beginning of the school year, many teachers take advantage of the low prices and stock up for the year, causing an increase in demand.

Law of Demand
Price
Theory of Price
Law of Supply
Elasticity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As consumers' incomes increase, so does their demand for luxury items, such as designer accessories. As their incomes decrease, so does the demand for the same luxury items.

Elasticity
Price
Theory of Price
Law of Supply
Law of Demand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A local coffee shop has found $1.25 for a cup of coffee to be the price point at which the quantity supplied equals the quantity demanded.

Equilibrium Price
Price
Theory of Price
Law of Supply
Law of Demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The federal minimum wage is $7.25.

Price Floor
Price
Theory of Price
Law of Supply
Law of Demand

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