SupplyDemand Quiz

The point at which the supply and demand for a product intersect is referred to as:

• Equilibrium Price

• Demand Market Price

• One Unit of Sale

• Selling Point

Changes in the price of a good or service can be caused by:

• Changes in Government Regulation, Demand Change, Store Cleanliness

• Changes in Government Regulation, Demand Change, Supply Change

• Changes in Government Regulation, Store Cleanliness, Supply Change

• Demand Change, Store Cleanliness, Supply Change

Which of the following summarizes the law of supply?

• When the sale price of a product is higher, suppliers will produce less of that product.

• Consumers follow trends.

• When the sale price of a product is lower, suppliers will produce less of that product.

• Producers want to provide the lowest price to consumers.

Which of the following summarizes the law of demand?

• When the price of a product is higher, more consumers will purchase the product.

• Consumer income determines prices.

• When the price of a product is lower, consumers will purchase more of that product.

• Investors only care about profit.

When a product's price rises, there will be:

• a decrease in demand for that product.

• an increase in demand for that product.

• a change to the supply curve.

• no change to the demand curve.

Another name for free enterprise is:

• Capitalism

• Communism

• Socialism

• Traditionalism

The income effect on the demand of products is best explained by which of the following?

• A change in consumer income leading to a change in the quantity demanded.

• A change in consumer preferences leading to a change in the quantity demanded.

• A change in the price of related goods leading to a change in the quantity demanded.

• A change in the price of the product leading to a change in the quantity demanded.

Pencil and Pen

• Substitutes

• Complements

• Normal Good

• Inferior Good

Chips and Salsa

• Substitutes

• Complements

• Normal Good

• Inferior Good

Car

• Substitutes

• Complements

• Normal Good

• Inferior Good