Demand Supply Market Failure  Firms

Demand Supply Market Failure Firms

9th Grade

15 Qs

quiz-placeholder

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Demand Supply Market Failure  Firms

Demand Supply Market Failure Firms

Assessment

Quiz

Social Studies

9th Grade

Medium

Created by

Jeremy Mather (STAFF) JM

Used 1+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes price elasticity of demand?

The responsiveness of supply to a change in price

The responsiveness of quantity demanded to a change in price

The responsiveness of demand to a change in income

The responsiveness of supply to a change in income

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of a good increases and the demand is price elastic, what is likely to happen to total revenue?

It will increase

It will decrease

It will stay the same

It will double

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would cause a rightward shift in the supply curve for apples?

A decrease in the number of apple farmers

A poor harvest due to bad weather

A technological improvement in apple farming

An increase in the price of apples

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is meant by market equilibrium?

When demand is greater than supply

When supply is greater than demand

When quantity demanded equals quantity supplied

When prices are falling

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a cause of market failure?

Perfect competition

Externalities

Efficient allocation of resources

High profits

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which market structure is characterised by a single seller?

Perfect competition

Oligopoly

Monopoly

Monopolistic competition

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main role of firms in the economy?

To set government policy

To produce goods and services

To print money

To control inflation

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