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

Understanding Demand and Supply

Quiz
•
Professional Development
•
12th Grade
•
Medium
Shanti Shrestha
Used 4+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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