Supply And Demand - Practice Quiz
10 Questions
| Total Attempts: 6136
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 and Answers
- 1.A group of people buying and selling goods or services. This is the definition for:
- A.
Demand
- B.
Equilibrium
- C.
Market
- D.
Supply
- 2.The desire to own a product and the ability/ willingness to pay for it. This is the definition for:
- A.
Supply
- B.
Elasticity
- C.
Demand
- D.
Market
- 3.With regard to demand, a change in price of a product/service results in movement along the curve.
- A.
True
- B.
False
- 4.In the Law Of Supply an increase in price results in:
- A.
Decrease of quantity supplied
- B.
Increase of quantity supplied
- 5.The supply curve shows the relationship of quantity and price demanded.
- A.
True
- B.
False
- 6.What occurs when quantity supplied is greater than quantity demanded at ruling price?
- A.
Excess Demand
- B.
Equilibrium Price
- C.
Comparative Static Analysis
- D.
Excess Supply
- 7.When consumer income rises what type of good decreases in demand?
- A.
Inferior
- B.
Normal
- 8.Which 2 of the following would be considered to be normal goods?
- A.
TV/ Radio
- B.
Mobile Phone
- C.
Public Transport
- D.
Bargain Goods
- 9.The Law Of Demand helps to explain social behavior.
- A.
True
- B.
False
- 10.The _________ is the price where supply of quantity equals quantity demanded
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: 10 | Attempts: 16149 | Last updated: Mar 22, 2022
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Sample QuestionWhich of the following is not a component of demand?
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Sample QuestionA price floor is binding if:
For every demand there must be a supply and if the demand for a product or service exceeds the supply there is a gap in the market. The quiz below is a study test for the Ch. 3 McConnell and Brue 15 ed on individual markets....
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Sample QuestionA market is any arrangement that brings together the buyers and sellers of a particular good or service.
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