Understanding Demand and Supply

Understanding Demand and Supply

12th Grade

20 Qs

quiz-placeholder

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Understanding Demand and Supply

Understanding Demand and Supply

Assessment

Quiz

Professional Development

12th Grade

Medium

Created by

Shanti Shrestha

Used 4+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What key concept forces people to make choices due to limited resources?

Supply

Demand

Scarcity

Revenue

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the opportunity cost of taking any action?

The money spent on that action

The loss of opportunity for an alternative action

The demand generated from that action

The time spent on making decisions

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the Law of Demand, buyers want to pay ______ prices.

Higher

Lower

Both higher and lower

Neutral

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Law of Supply suggests that sellers want to sell at ______ prices.

Higher

Lower

Constant

Variable

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does demand refer to?

The maximum production capacity of a company

The amount of product a purchaser is willing and able to buy

The cost of producing a product

The company’s supply capacity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'propensity to purchase' mean?

The likelihood of consumers purchasing a product in the past

The price consumers are willing to pay

The probability of purchasing an organisation’s products in the future

The method of managing demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a method for managing demand?

Offering early-bird specials

Increasing the supply chain

Two-for-one coupons

Using special promotions during slow periods

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