Demand & Supply
10 Questions
| Total Attempts: 15241
This quiz covers the basics of demand & supply. All questions come from your Introduction to Demand, Introduction to Supply, and Determining Price Notes. You will have 1 minute to answer each question.
Questions and Answers
- 1.Which of the following is not a component of demand?
- A.
Desire
- B.
Surplus
- C.
Ability
- D.
Willingness
- 2.The law of demand states that there is what type of relationship between price and quantity demanded?
- 3.The demand curve slopes in which direction?
- A.
Down
- B.
Up
- 4.When each additional unit of a product gives you less utility it is know as what?
- A.
Marginal analysis
- B.
Downward demand
- C.
Diminishing marginal utility
- D.
Decreasing desire
- 5.The law of supply states there is what type of relationship between price and quantity supplied?
- 6.The supply curve always slopes in what direction?
- A.
Down
- B.
Up
- 7.The ideal price level is known as what?
- 8.A surplus will occur for a product when the price is
- A.
Too high.
- B.
Too low.
- 9.When there is a shortage what should be done?
- A.
Increase supply
- B.
Decrease price
- C.
Decrease price
- D.
Increase demand
- 10.When graphing supply and demand, price is always on which axis?
- A.
Horizontal
- B.
Vertical
Supply and demand affects the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price. This is the major market driver and hence necessary to know about.
Questions: 10 | Attempts: 5698 | Last updated: Sep 5, 2017
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Sample QuestionPrice is the determining factor of both suppy and demand?
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