It's the Law- Supply and Demand quiz

The quantity of a good or service that consumers will buy varies inversely with the price of the good or service

• Law of Demand

• Law of Supply

The quantity of a good or service that will be offered for sale varies in direct relation to its selling price

• Law of Demand

• Law of supply

The point at which the quantity supplied is equal to the quantity demanded.

• Threshold

• Equilibrium

The price of a product is low because there is a large supply.

• Buyer's market

• Seller's market

When the quantity demanded is much greater than the quantity produced.

• Buyer's market

• Seller's market

Elasticity is an indication of how changes in ________ will affect supply and demand.

• inventory

• price

The point at which the quantity of a good that buyers demand is equal to the quantity the sellers supply

• Break even price

• Equilibrium price

Demand exists even if the price changes. It is constant.

• Inelastic

• Elastic

______ a product that will satisfy a customer's wants and needs.

• Utility

• Patent

Buying power affects demand.

• True

• False