ECONOMICS 9

This part of the market determines SUPPLY

• buyers

• sellers

• consumers

• us

 

This part of the market determines DEMAND

• buyers

• sellers

• suppliers

• store owners

Factors that change the demand.

• Tax

•  Income  

• Subsidy

• Expenditure

The use of machinery and technical knowledge in production.

• Technology

• Computerization

• Industrialization

• Mechanization

The price of sugar causes the demand curve for coffee to shift to the left. Therefore, ________.

• Sugar is normal good.     

• Coffee is an inferior good.

• Sugar and coffee are substitute goods.

• Sugar and coffee are complimentary goods.

The consumer’s behavior affects the price of the commodities. The price of the commodities will tend to increase if _______.

• Income decreases

• The consumer changes his/her choice

• There is an oversupply in the market

• The quantity demanded is more than the quantity supplied at a given price

Which of the following would lead to an increase in the demand for laptop when the price is constant?

• Increase in income       

• Decrease in population  

• Expectation of consumer

• Preference of consumer

The determinants of demand which may result to its increase and decrease. When the consumers speculate what will happen to the economy, they _______.

• Save their money.      

• Change their demand

• Resort to panic buying

• Decrease their demand

When the consumers and sellers meet, there is an equilibrium in the market. Which of the following will cause an increase in the equilibrium price?

• Both demand and supply decrease

• Both demand and supply increase

• Increase in demand and decrease in supply

• The demand decreases and decrease in supply

The change in the supply curve shown from one point to another is caused by price increase.

• Shift on supply

• changes in supply  

• movement along the curve

• shift of supply curve to the right