CHAPTER 2 - DEMAND & SUPPLY

What is Demand (DD)

• The quantity of goods demanded by all individuals or consumers in a market at a certain price in a given period of time

• Demand of an individual consumer for specific good at a certain price in a given period of time

• Ability and willingness to buy specific quantities of goods in period of time at a particular price, ceteris paribus

• Ability and willingness to buy all quantities of goods that people demand in period of time at particular price.

Which one of the below is the definition of Individual demand

• the desire of a consumer or buyer to obtain a quantity of goods or services.

• The ability and willingness to buy specific quantities of goods at a particular price.

• The quantity of goods demanded by all individuals or consumers in a market at certain price in a given period of time

• The demand of an individual consumer for a specific good at a certain price in a given period of time.

Which one is the Law of Demand

• P ↑   Qd  ↓

• P ↑  Qd ↑

Explain this law ' P ↓  Qd  ↑' in detail

Which one is the factors that influencing demand (choose 2)

• Consumers Income

• have a good review

• Expensive price

• Tastes and fashion

What is Supply (SS)

• The quatity of goods and services that all firms in a industry or market is able and willing to produce at a certain price in a given of period

• Quantity of goods or services that a producer is able an willing to produce or supply at a certain price in a given period

• The quantity of goods that a producer is able and willing to sell at certain price in given period of time

Which one is not a type of supply (choose 2)

• Individual

• market

• firm

• government

What is an individual supply?

• Individual supply is the number of goods that a producer is able and willing to sell at a certain price in a given period of time

• Individual supply is the quantity of goods and services that all firms in a industry or market is able and willing to produce at a certain price in a given period

• Individual supply is the quantity of goods or services that a producer is able and willing to produce or supply at a certain price in a given period

Which one is the law of Supply ?

• P ↓ SS  ↑

• P ↑  SS ↑

Explain 'P  ↓  SS ↓' in detail