2.1 Econ Formative

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2.1 Econ Formative

LT 2.1: I can explain and graphically illustrate the determination of equilibrium prices using the law of demand and the law of supply. (Econ Alive! Chapter 5.2; 5.4; 6.2)

MUST SCORE 6/8 to pass this quiz. Retake as many times as needed!

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Hour 1

Hour 2

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Hour 4

Hour 5

1. The law of demand states that when prices____, quantity demanded will____. *

1 point

Rise; Rise

Rise; Remain Constant

Rise; Fall

Fall; Fall

2. Which of the following examples best explains the law of demand? *

1 point

Dominos charges a higher price for pizza when buyers are willing to pay more.

You decide not to buy a TV at Best Buy because the price increased.

When the selling price for the new Xbox goes up, there are more available at stores.

Your favorite restaurant is so busy that you decide to go somewhere else to eat.

3. A change in quantity demanded is caused by changes in: *

1 point

Price

Preferences

Income

Expectations

4. Which of the graphs below illustrates an increase in QUANTITY demanded? *

1 point

Graph A

Graph B

Graph C

Graph D

5. According to the law of supply, what happens when prices increase? *

1 point

The QUANTITY supplied will decrease.

The supply curve will shift to the right.

The QUANTITY supplied will increase.

The supply curve will shift to the left.

6. Which of the graphs below illustrates an increase in QUANTITY supplied? *

1 point

Graph A

Graph B

Graph C

Graph D

7. When buyers purchase the same amount as suppliers are willing to sell, what condition occurs in the market? *

1 point

Price Ceiling

Price Floor

Market Equilibrium

Excess Demand

8. In the graph below, the equilibrium price and quantity of soybeans is: *

1 point

$1.50 and 28 bushels

$1.50 and 30 bushels

$2.00 and 20 bushels

$1.00 and 35 bushels

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