GEE003_Concepts and Principle of Demand and Supply Analysis Quiz

What is the primary determinant of Demand and Supply?

• Population

• Technology

• Price

• Income

What will happen to the price if there is an increase in demand?

• Increase

• Depends on supply

• Decrease

• Remain the same

What determines the efficiency/speed of production in the supply chain?

• Cost of Production

• Number of Sellers in the Market

• Technology

• Taxes & Subsidies

What is the process of using data to predict future demand for a product or service?

• Demand Projection

• Market Equilibrium

• Supply Analysis

• Price Determination

What will happen to the price if there is a decrease in supply?

• Depends on demand

• Remain the same

• Decrease

• Increase

What determines the likelihood of wanting or needing a product in the demand chain?

• Population

• Income

• Taste & Preferences

• Prices of Related Goods

What is the point in the market where buyers agree with the sellers?

• Market Equilibrium

• Price Point

• Supply Curve

• Demand Curve

What determines the possible availability of products in the supply chain?

• Calamity

• Number of Sellers in the Market

• Cost of Production

• Technology

Why is it important to project demand objectively?

• To analyze price changes

• To determine market equilibrium

• To estimate future sales and revenue

• To calculate supply gap

What is the ability to produce, has the capacity to buy resources, and is a risk-taker in the supply chain?

• Supply

• Seller

• Buyer

• Demand