The law of demand tells us that consumers will buy more of something at a lower price than they would at a higher price.

Year 11 Unit 1 Topic 3 Market Forces Week 2

Quiz
•
Other
•
11th Grade
•
Medium

Mandy-Jane Ellis
Used 9+ times
FREE Resource
19 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
true
false
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The supply of a commodity is the quantity of it that will be purchased over a given time at a given price.
true
false
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When the price mechanism operates freely in a perfectly competitive market, without any restrictions placed on it, price is the sole factor responsible for equating supply and demand.
true
false
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
One of the main factors that influences the quality of a commodity demanded is the seller's expectation for the future.
true
false
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If the price of a commodity changes, the demand for it will change and a new demand curve must be drawn to indicate the resultant increase or decrease.
true
false
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Increases or decreases in supply may be bought about by changes in the costs of production.
true
false
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The real world behaves exactly like the competitive market model.
true
false
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