Economics

I: Law of Demand states that "when price is high, quantity is low and vice versa".

II: Law of Supply states that " when price is low, quantity is also low and vice versa".

• Only statement I is true

• Only statement II is true

• Both statements are true

• Both statements are false

Gina eat in a buffet restaurant, after eating three times she feel that she is already full and can't eat more. The scenario shows _______________.

________ is an illustration that shows the relationship of price and quantity in demand.

It is used to measure the satisfaction of a consumers in consuming a particular good.

• utils

• utility

• marginal utility

• law of diminishing marginal utility

If the current price A is Php. 2 . The intercept of demand curve is 2. and the slope is 0.50. How much of product A will be demanded by the consumer?

Mica shifts her brand of perfume. This is because she now prefer sweet smell rather than seductive fragrance. What non-price determinants of demand is present in the scenario?

• Changing income

• Expectations of future prices

• Substitute and complementary products

• Taste or preference

When there is a movement in one point to another along supply curve, there is _______________.

XYZ Corporation produce more units of their product because they believe that in coming months the demand of their product will increase. This scenario shows ______________.

______________ is the point where supply and demand meet.

I: when the supply is high and the demand is low, there is shortage.

II: when the demand is high and the supply is low, there is surplus

• Only statement I is correct

• Only statement II is correct

• Both statement is correct

• Both statement is incorrect