Year 9 - Supply and Demand Quiz

Demand is an economic principle referring to a consumer's desire to........

• purchase goods and services and a willingness to pay a price for a specific good or service.

• purchase needs and wants and willingness to pay a price for a specific good or service.

• pay a price for a specific service.

• I don't know, I didn't study ):

Holding all other factors constant, an increase in the price of a good or service will______________ the quantity demanded, and vice versa.

• increase

• decrease

Which type of curve is this?

What does it tell us about demand?

Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to __________________.

• producers

• consumers

• businesses

• banks

True or false. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.

• True

• False

Which factors could impact on the supply of toilet paper?

• Price

• Demand

• Ability to re-stock

• Whether you scrunch or fold

What would happen if there was a low price point and plenty of quantity?

As we know, there was a world wide panic about toilet paper, due to covid-19. This means...

• DEMAND, outweighed SUPPLY which resulted in a shortage.

• SUPPLY, outweighed DEMAND which resulted in a shortage.

Describe how supply and demand works for a product you would like to purchase in the future.