
Demand and Supply
Authored by Lerry Mehoi
Business
1st - 10th Grade
Used 1+ times

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8 questions
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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
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