1518408
Description
Quiz by brendacrystal07, updated more than 1 year ago
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Created by brendacrystal07
over 9 years ago
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Question 1
Question
In a supply and demand graph, when the demand line shifts to the right, the demand increases.
Answer
- True
- False
Question 2
Question
Taxes and subsidies are variables that can affect the supply shift factor.
Answer
- True
- False
Question 3
Question
When the price on an item increases, the supply provided by the sellers decreases.
Answer
- True
- False
Question 4
Question
When talking about the elasticity of demand, the price of an item is not important.
Answer
- True
- False
Question 5
Question
A market takes place when more than one buyer and seller are present.
Answer
- True
- False
Question 6
Question
In an inelastic graph, there is a huge change in demand when the price shifts.
Answer
- True
- False
Question 7
Question
The graph of elastic supply is less horizontal compared to the inelastic graph
Answer
- True
- False
Question 8
Question
The production of Jolly Ranchers is an example of inelastic supply
Answer
- True
- False
Question 9
Question
When a supply curve shifts to the left, that symbolizes an increase in supply.
Answer
- True
- False
Question 10
Question
The point where the supply curve meets the demand curve shows a shortage.
Answer
- True
- False
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