Impact of Demand and Supply on UK Businesses

Impact of Demand and Supply on UK Businesses

12th Grade

42 Qs

quiz-placeholder

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Impact of Demand and Supply on UK Businesses

Impact of Demand and Supply on UK Businesses

Assessment

Quiz

Other

12th Grade

Hard

Created by

Matt Williams

Used 1+ times

FREE Resource

42 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the impact of demand curves on UK businesses?

They have no impact.

They determine the price of goods.

They affect the supply of goods.

They influence consumer preferences.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the supply curve represent in the context of UK businesses?

The demand for products.

The cost of production.

The quantity of products supplied at different prices.

The consumer preferences.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is market equilibrium?

The point where demand exceeds supply.

The point where supply exceeds demand.

The point where demand equals supply.

The point where prices are highest.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does changing demand and supply affect?

Only the supply of goods.

Only the demand for goods.

Both the price and quantity of goods.

Neither price nor quantity of goods.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic definition of demand?

The quantity of a good or service that purchasers are willing and able to buy at a given price in a given period of time.

The quantity of a good or service that is available in the market.

The price at which a good or service is sold.

The total number of consumers in a market.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is effective demand?

Demand backed by willingness and ability to pay.

Demand that is not backed by any financial means.

Demand that is only theoretical.

Demand that is always constant.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the basic law of demand, how does demand vary with price?

Demand varies inversely with price.

Demand varies directly with price.

Demand remains constant regardless of price.

Demand increases with higher prices.

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