
Economics: Supply and Demand
Authored by Rosana Eklesia
Business
University
Used 22+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of demand?
As the price of a good or service increases, the quantity demanded increases
As the price of a good or service increases, the quantity demanded decreases, and vice versa.
The law of demand only applies to luxury goods
The law of demand states that the quantity demanded remains constant regardless of price changes
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of price elasticity of demand.
Price elasticity of demand measures the effect of advertising on the quantity demanded.
Price elasticity of demand measures the responsiveness of quantity demanded to a change in price.
Price elasticity of demand measures the responsiveness of quantity supplied to a change in price.
Price elasticity of demand measures the impact of income on the quantity demanded.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What factors can cause a shift in the demand curve?
Changes in the weather
Number of competitors in the market
Changes in consumer income, prices of related goods, consumer preferences, population, and expectations about future prices and income.
Government regulations
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define the law of supply.
The law of supply states that the quantity supplied by producers remains constant regardless of price changes
The law of supply only applies to services, not goods
As the price of a good or service increases, the quantity supplied by producers also increases, and vice versa.
As the price of a good or service increases, the quantity supplied by producers decreases
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a change in quantity supplied and a change in supply?
A change in quantity supplied is caused by a change in consumer preferences, while a change in supply is caused by a change in the cost of production.
The difference is that a change in quantity supplied is a movement along the supply curve due to a change in price, while a change in supply is a shift of the entire supply curve due to factors other than price.
A change in quantity supplied is a shift of the entire supply curve due to factors other than price, while a change in supply is a movement along the supply curve due to a change in price.
A change in quantity supplied is a shift of the entire supply curve due to factors other than price, while a change in supply is caused by a change in consumer income.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of price elasticity of supply.
Price elasticity of supply measures the responsiveness of price to a change in quantity supplied.
Price elasticity of supply measures the responsiveness of quantity demanded to a change in price.
Price elasticity of supply measures the responsiveness of quantity supplied to a change in price.
Price elasticity of supply measures the responsiveness of quantity supplied to a change in demand.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What factors can cause a shift in the supply curve?
Changes in consumer preferences
Weather conditions
Currency exchange rates
Changes in production costs, technology, government policies, and the number of suppliers in the market.
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