Demand and Supply

Demand and Supply

1st - 10th Grade

8 Qs

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Demand and Supply

Demand and Supply

Assessment

Quiz

Business

1st - 10th Grade

Hard

Created by

Lerry Mehoi

Used 1+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a consumer has the ability and willingness to pay for a good, this is called;

Want

Desire

Demand

Law of Demand

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________goods are goods where the demand is negatively relatedto income

Complement

Subsitute

Normal

Inferior

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following pairs are subsitute?

Mobile phone and charger

Wool and cotton

Salt and pepper

Tea nad sugar

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sugar and honey are viewed as subsitutes for each other for many recipes. If the prices of sugar rises, what can be expected the

demand for honey to increase

demand for honey to decrease

quanitity demanded for honey to increase

quantity demanded for honey to decrease

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The relationship between the quantity

of a good demanded by a single individual

and its price.

Above statement refers to

Individual Demand

Market demand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Measures the sensitivity/responsiveness

of the quantity demanded of one product

due to a change in the price of a related product.

Above statement refers to

Cross Elasticity of demand

Cross Elasticity of Supply

The law of demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ability and willingness

to sell or produce a particular product

and services in a given period of time

at a particular price, ceteris paribus.

Law of Supply

Law of Demand

Price Elasticity of Demand

Inelastic Supply

8.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Determinants of Price Elasticity of Supply

Improvement in infrastructure

Government Policies

Technological advancement

Price of related goods