What is the term for the quantity of a product that consumers want?
Unit 2: Understanding Supply and Demand Concepts

Quiz
•
Social Studies
•
11th Grade
•
Hard
Shan Lewis
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Supply
Demand
Surplus
Price Floor
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do we call the maximum price set by the government for a product?
Price Floor
Price Ceiling
Surplus
Invisible Hand
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which term describes the buying of high-end luxury items to display wealth?
Price Elasticity
Conspicuous Consumption
Shortage
Supply
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the point called where supply and demand meet?
Surplus
Price Equilibrium
Price Floor
Shortage
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when too few goods are provided in the market?
Surplus
Shortage
Price Ceiling
Demand
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which concept refers to the amount a price for a product can rise before it causes a decrease in demand?
Price Floor
Price Elasticity
Supply
Surplus
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the minimum price set by the government for a product?
Price Ceiling
Price Floor
Surplus
Demand
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