EPF unit 2

What is demand ?

• The amount of money consumers are willing to pay for a good or service.
• The quantity of a good or service that consumers are willing and able to purchase at a given price.
• The number of competitors in the market for a specific product.
• The quantity of a good or service that producers are willing and able to sell at a given price.

What is supply ?

• The total amount of a specific good or service that is available to consumers.
• The amount of money available to consumers
• The demand for a specific good or service
• The cost of producing a specific good or service

what factor is Labor in the picture?

• Factor 3

• Factor 1

• Factor 2

• Factor 4

What is the law of demand?

• As the price of a good or service increases, consumer demand for the good or service will decrease.

• As the price of a good or service decreases, consumer demand for the good or service will decrease.

• As the price of a good or service increases, consumer demand for the good or service will increase.

• As the price of a good or service decreases, consumer demand for the good or service will increase.

What is the law of supply?

• As the price of a good or service increases, the quantity of goods or services that suppliers offer will increase.

• As the price of a good or service decreases, the quantity of goods or services that suppliers offer will increase.

• As the price of a good or service increases, the quantity of goods or services that suppliers offer will decrease.

• As the price of a good or service decreases, the quantity of goods or services that suppliers offer will decrease.

What factor is Capital in the picture?

• Factor 1

• Factor 2

• Factor 3

• Factor 4

What is the effect of an increase in income on the demand curve?

• The demand curve shifts to the right.

• The demand curve shifts to the left.

• The demand curve remains unchanged.

• The demand curve becomes steeper.

What factor is Entrepreneurship in the picture?

• Factor 1

• Factor 2

• Factor 3

• Factor 4

• "the Quantity supplied is more than amount demanded" is the definition for which word ?

• Surplus

• Shortage

What is the defionition of Sole Proprietorship

• A business owned and operated by a non-profit organization
• A business owned by multiple individuals
• A business owned and operated by a single individual.
• A business owned and operated by a government entity