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12th Economics Quiz

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1. ex. of emergencies




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2. elasticity of demand




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3. market entry




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4. price does not change supply...




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5. T----Tastes & Preferences




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6. increased production




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7. who creates the law of supply?




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8. I----Income




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9. inferior goods




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10. equilibrium




Select the Question that corresponds to the displayed Answer.
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11. a change in determinants




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12. 1) understand the law of supply 2) interpret a supply graph and schedule 3) explain elasticity of supply




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13. when quantity supplied is greater than quantity demanded at current prices




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14. shift




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15. when market price or quantity supplied is anywhere but equilibrium; quantity supplied isn't equal to quantity demanded




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16. if more sellers enter the market then supply will increase




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17. demand




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18. amount




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19. they predict how people will change their buying habits when a price of a produt rises or falls




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20. gas, necessities, medicine, staple foods





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