Supply, Demand, and Markets — Quiz

According to the law of demand, what happens to the quantity of a product purchased when its price RISES?

A popular toy becomes extremely fashionable after appearing in a hit movie. What happens to its DEMAND?

What is SCARCITY in economics?

A drought destroys half of a region's orange crop. What will most likely happen to the price of orange juice?

Explain what happens in a market when demand suddenly increases but supply cannot immediately change. What happens to prices?

What is opportunity cost? Give an example from everyday life.