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Demand is BEST defined as
scarcity
decrease
A change in tastes and preferences
market-clearing price
decrease
As prices rise, quantity demanded will fall
few, if any substitutes
the quantity of goods consumers are willing and able to purchase at any price at a given time
Demand for a product tends to be price-inelastic when it has:
scarcity
decrease
A change in tastes and preferences
market-clearing price
decrease
As prices rise, quantity demanded will fall
few, if any substitutes
the quantity of goods consumers are willing and able to purchase at any price at a given time
The price at which quantity demanded and quantity supplied are equal is:
scarcity
decrease
A change in tastes and preferences
market-clearing price
decrease
As prices rise, quantity demanded will fall
few, if any substitutes
the quantity of goods consumers are willing and able to purchase at any price at a given time
What non-price factor CANNOT affect SUPPLY?
scarcity
decrease
A change in tastes and preferences
market-clearing price
decrease
As prices rise, quantity demanded will fall
few, if any substitutes
the quantity of goods consumers are willing and able to purchase at any price at a given time
Which of these best describes the law of demand?
scarcity
decrease
A change in tastes and preferences
market-clearing price
decrease
As prices rise, quantity demanded will fall
few, if any substitutes
the quantity of goods consumers are willing and able to purchase at any price at a given time
A decrease in demand will most likely cause equilibrium price to:
scarcity
decrease
A change in tastes and preferences
market-clearing price
decrease
As prices rise, quantity demanded will fall
few, if any substitutes
the quantity of goods consumers are willing and able to purchase at any price at a given time
The inequality of our wants and resources is referred to as
scarcity
decrease
A change in tastes and preferences
market-clearing price
decrease
As prices rise, quantity demanded will fall
few, if any substitutes
the quantity of goods consumers are willing and able to purchase at any price at a given time
An increase in supply will most likely cause equilibrium price to:
scarcity
decrease
A change in tastes and preferences
market-clearing price
decrease
As prices rise, quantity demanded will fall
few, if any substitutes
the quantity of goods consumers are willing and able to purchase at any price at a given time
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