Demand and Supply

A group of people buying and selling goods or services. This is the definition for:

• Demand

• Supply

• Market

• Equilibrium

Normally the demand curve will have a _______________ slope.

The elasticity for the demand of durable goods is __________

Law of demand shows a relation between the ___________

Which of the following is not a cause of the shift in demand for a product?

• Change in the price of substitutes

• Change in the income of a consumer

• Change in the price of a product

• None of the above

The price of the product A was reduced from 100 to 90 Rs and, as a result, the quantity demanded has increased from 70 to 75 units. The demand is:

• Inelastic

• Unit elastic

• Elastic

• Can not be determined from the given information

Define what is Demand?

Define what is Supply?

What are the Exceptions to the law of demand?

Draw the demand curve?