10 Questions |
By Sebuch | Last updated: Jan 5, 2021
| 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
Which of the following is not a component of demand?
The law of demand states that there is what type of relationship between price and quantity demanded?
The demand curve slopes in which direction?
When each additional unit of a product gives you less utility it is know as what?
Diminishing marginal utility
The law of supply states there is what type of relationship between price and quantity supplied?
The supply curve always slopes in what direction?
The ideal price level is known as what?
A surplus will occur for a product when the price is
When there is a shortage what should be done?
When graphing supply and demand, price is always on which axis?
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.