Which of the following best describes the law of demand?

Demand, Supply, Elasticity, Equilibrium

Quiz
•
Social Studies
•
9th - 12th Grade
•
Hard
Ira Rachmiati
FREE Resource
35 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
As price rises, quantity demanded increases
As income falls, demand increases
As price rises, quantity demanded falls
Demand is independent of price
Price and demand move together
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when the price is below equilibrium?
Surplus
Market clears
Shortage
Price remains unchanged
Marginal utility is constant
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An increase in consumer income would cause the demand curve for normal goods to:
Shift to the left
Stay unchanged
Shift to the right
Move along the curve
Become vertical
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the supply of coffee decreases due to drought, what happens to equilibrium price?
Decreases
Stays constant
Increases
Drops to zero
Cannot be determined
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would shift the supply curve of wheat to the right?
A drought in wheat-producing regions
A tax on wheat producers
A technological advancement in farming
Increase in fertilizer prices
Workers’ strike
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the price elasticity of demand measure?
The change in supply due to price
Responsiveness of demand to income
Responsiveness of quantity demanded to price
Total revenue from sales
Marginal cost of consumers
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If demand is elastic, what happens when price increases?
Total revenue increases
Total revenue decreases
Total revenue stays constant
Demand rises
Quantity demanded is unaffected
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