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Supply and Demand

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KG - University

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Supply and Demand
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20 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Generally speaking, the lower the price, the greater the quantity demand.

True
False

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Consumer wants are the same as consumer demand.

True
False

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In economics, the term demand refers to the quantity of a good that people

will buy at one particular price over a long time period
would like to consume on a given date
will buy at many different prices at a particular time
would like to have available during a given time period

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If the price of butter increases, then we would expect that the demand for margarine would fall.

True
False

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Summer is upon us, and people begin purchasing bathing suits in large numbers. What causes this change?

Change in income
Prices or availability of substitutes
Change in the weather or season
Change in the number of buyers

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

The graph illustrates a ...

Demand Curve
Supply Curve
Elasticity Curve
Price Ceiling

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

When the demand for a product or service is higher than the supply this causes what?

shortage
consumer
surplus
equilibrium

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