Supply And Demand Quiz

10 Questions | By FionaKirk | Updated: Mar 21, 2022 | Attempts: 1380

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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 Law Of Demand helps to explain social behaviour.
- A.
  
  True
- B.
  
  False
6.

The _________ is the price where supply of quantity equals quantity demanded
7.

The supply curve shows the relationship of quantity and price demanded.
- A.
  
  True
- B.
  
  False
8.

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
9.

When consumer income rises what type of good decreases in demand?
- A.
  
  Inferior
- B.
  
  Normal
10.

Which 2 of the following would be considered to be normal goods?
- A.
  
  TV/ Radio
- B.
  
  Mobile Phone
- C.
  
  Public Transport
- D.
  
  Bargain Goods