Demand and Supply Quiz

What is the definition of demand?

• The different quantities of goods or services which buyers are willing and able to buy at different possible prices in a given period of time

• The different quantities of goods or services which sellers are willing and able to sell at different possible prices in a given period of time

• The different quantities of goods or services which buyers are willing and able to sell at different possible prices in a given period of time

• The different quantities of goods or services which sellers are willing and able to buy at different possible prices in a given period of time

What is the law of demand?

• When the price of a good increases, the quantity demanded for the good will fall

• When the price of a good decreases, the quantity demanded for the good will fall

• When the price of a good increases, the quantity demanded for the good will increase

• When the price of a good decreases, the quantity demanded for the good will increase

What is individual demand?

• The demand of goods and services from a single consumer

• The demand of goods and services from all consumers in the market

• The demand of goods and services from a single producer

• The demand of goods and services from all producers in the market

What is market demand?

• The demand of goods and services from a single consumer

• The demand of goods and services from all consumers in the market

• The demand of goods and services from a single producer

• The demand of goods and services from all producers in the market

What is the determinants of demand?

• Consumer's income

• Government or economic policy

• Level of technology

• Cost of factors of production

What is exceptional demand?

• When the price of a good increases, the quantity demanded also increases

• When the price of a good decreases, the quantity demanded also decreases

• When the price of a good increases, the quantity demanded decreases

• When the price of a good decreases, the quantity demanded increases

What is joint demand?

• Two products that are used together or demanded together

• Two products that compete for the demand of consumers

• Goods that are demanded to help in the production process

• Goods that are demanded to help in the consumption process

What is the law of supply?

• When the price of a good increases, the quantity supplied for the good will increase

• When the price of a good decreases, the quantity supplied for the good will increase

• When the price of a good increases, the quantity supplied for the good will decrease

• When the price of a good decreases, the quantity supplied for the good will decrease

What is individual supply?

• The supply of goods and services from a single seller

• The supply of goods and services from all sellers in the market

• The supply of goods and services from a single buyer

• The supply of goods and services from all buyers in the market

What are the determinants of supply?

• cost and availability of the factors of production

• consumer preferences

• consumers' expectations of future prices

• market size