Economics Quiz: Law of Demand and Supply

What does demand in economics refer to?

• A consumer's desire to buy products and services

• A consumer's willingness to pay a given price

• A consumer's readiness to sell products and services

• A consumer's preference for certain products and services

According to the law of demand, what happens to demand as price increases?

• Demand increases

• Demand remains constant

• Demand decreases

• Demand fluctuates

What is quantity demanded in economics?

• The overall quantity of a product or service that consumers demand over a specific period of time

• The quantity of a product or service that consumers demand at a specific price

• The quantity of a product or service that producers are willing to supply

• The quantity of a product or service that consumers are willing to sell

What does a demand schedule in economics display?

• The amount of a product or service desired at various price points

• The amount of a product or service supplied at various price points

• The relationship between price and quantity demanded

• The relationship between price and quantity supplied

What does a demand curve represent?

• The shift in demand for an item caused by a price adjustment

• The relationship between price and quantity demanded

• The relationship between price and quantity supplied

• The overall demand for a product or service

What does the vertical axis on a demand curve graph represent?

• The price of the product or service

• The quantity demanded of the product or service

• The quantity supplied of the product or service

• The overall demand for the product or service

What is a change in quantity demanded also known as?

• A shift in the demand curve

• An extension or contraction in demand

• An increase or decrease in demand

• A movement along the demand curve

What causes a change in quantity demanded?

• A change in price

• Changes in other factors

• Changes in consumer preferences

• Changes in producer supply

What is a change in demand also known as?

• A shift in the demand curve

• An extension or contraction in demand

• An increase or decrease in demand

• A movement along the demand curve

What causes a change in demand?

• A change in price

• Changes in other factors

• Changes in consumer preferences

• Changes in producer supply