Effects of Prices on Producers and Consumers


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question 1 of 3

'The quantity of a good increases when the price decreases' is known as what?

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1. When purchasing a particular item, which of the following shows an example of how prices can affect the consumer's purchase?

2. 'The quantity of a good decreases as the price for that same good increases' is known as what?

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About This Quiz & Worksheet

Quickly determine how much you know about the impact of pricing using this quiz and worksheet combo. You will need to be familiar with specific terms and examples in order to successfully complete this assessment.

Quiz & Worksheet Goals

Use this quiz to measure your ability to do the following:

  • Select the term that describes an increase in the quantity of a good after the price decreases
  • Choose examples of ways in which prices affect consumers and producers
  • Identify the term that describes a decrease in the quantity of a good as the price increases
  • Pick the term that best describes the quantity of an item that a business has for redistribution

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the lesson, such as terms used for the increase and decrease of the quantity of a good when prices increase or decrease
  • Information recall - access the knowledge you've gained regarding the term used for the quantity of an item a business has on hand for redistribution
  • Knowledge application use your knowledge to answer questions about the effects of prices on consumers and producers

Additional Learning

The lesson titled Effects of Prices on Producers and Consumers gives you the opportunity to study more details about this subject. You will expand your knowledge by learning the following:

  • What scenarios illustrate the major effects of prices on consumers and producers
  • Which law affects the decision-making of producers
  • An example that shows how prices affect consumers through the purchase of lower cost items