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Special Education, Social Studies
11th -
12thgrade
Shortage and Surplus
8 questions
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- 1. Multiple Choice
A designer raises the price of jeans by 50%. This will likely lead to a:
Shortage
Surplus
- 2. Multiple Choice
A limited quantity of popular dolls are released right before Christmas. This will likely lead to a:
Shortage
Surplus
- 3. Multiple Choice
A clothing store creates a limited line of t-shirts featuring a popular singer. This will likely lead to a:
Shortage
Surplus
- 4. Multiple Choice
A company raises the price of their new computer by $100 at the same time their competitor releases a new, cheaper model. This will likely lead to a:
Shortage
Surplus
- 5. Multiple Choice
Define Supply
a consumer's willingness to pay a set price for a specific good or service
the amount of product that a producer is willing and able to sell in the marketplace
more items available for sale than people want to purchase
more people want an item than is available for purchase
- 6. Multiple Choice
Define Demand
a consumer's willingness to pay a set price for a specific good or service
the amount of product that a producer is willing and able to sell in the marketplace
more items available for sale than people want to purchase
more people want an item than is available for purchase
- 7. Multiple Choice
Define Surplus
a consumer's willingness to pay a set price for a specific good or service
the amount of product that a producer is willing and able to sell in the marketplace
more items available for sale than people want to purchase
more people want an item than is available for purchase
- 8. Multiple Choice
Define Shortage
a consumer's willingness to pay a set price for a specific good or service
the amount of product that a producer is willing and able to sell in the marketplace
more items available for sale than people want to purchase
more people want an item than is available for purchase
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