Supply & Demand Vocabulary Quiz
6 Questions
| Total Attempts: 162
This is a quiz that review the terms associated with Supply and Demand.
Questions and Answers
- 1.If a person buys the same amount of the good when income changes, the good is called a (n) ____________
- A.
Inferior Good
- B.
Normal Good
- C.
Neutral Good
- 2.If a person's income and demand change in the same direction (both go up or both go down) then the good is called a (n) ________
- A.
Normal Good
- B.
Inferior Good
- C.
Neutral Good
- 3.If income and demand go in different directions (one goes up, while the other goes down), the good is called a (n) _________
- A.
Normal Good
- B.
Inferior Good
- C.
Neutral Good
- 4.Two goods are considered _________ when theyare consumed together.
- A.
Complements
- B.
Substitutes
- C.
Normal Goods
- 5.An example of _________ would be, if the price of coffee increases, the demand for tea increases.
- A.
Complements
- B.
Substitutes
- C.
Inferior Goods
- 6.This law states that, as the price of a good increases, the quantity demanded decreases.
- A.
Law of Inelasticity
- B.
Law of Supply & Demand
- C.
Law of Consuming
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: 16078 | Last updated: Mar 22, 2022
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Sample QuestionWhich of the following is not a component of demand?
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.
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Sample QuestionA group of people buying and selling goods or services. This is the definition for:
You will have 30 minutes to complete the 10 question quiz by Monday night at 11:59 p.m.
Questions: 10 | Attempts: 2064 | Last updated: Mar 22, 2022
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Sample QuestionA price floor is binding if:
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