Exam Q's Unit 1 - Supply and Demand

What does this curve represent? (1 mark)

What does this curve represent? (1 mark)

The amount of goods or services available is called? (1 mark)

The point where supply and demand are balanced is called .......... (1 mark)

The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is? (1 mark)

Demand is the desire and the __________ to buy a product or service (1 mark)

If the price of printers goes down, what happens in the market for ink cartridges? (1 mark)

• Supply increases.

• Supply decreases.

• Demand increases.

• Demand decreases

Printers and ink cartridges are typically purchased together. Economists would call these (1 mark)

If ASAP Rocky did advertisements for Steak and Shake, this would cause the ___________ curve for Steak and Shake to shift ____________ (1 mark)

• demand.........right

• demand.........left

• supply.......right

• supply....... left

Which of these are determinants of demand? (1 mark)

• Income

• Tastes and preferences

• Price of other goods

• All of these

• None of these