Economic Demand Quiz

What is demand in economic terms?

• The amount of a product/service customers are willing and can buy at some price.

• The total production of goods in a market.

• The cost of producing a product.

• The profit made from selling a product.

According to the Law of Demand, how are price and quantity demanded related?

• They are always the same.

• They are always opposite.

• They are unrelated.

• They are always equal.

What happens to demand when the price increases?

• Demand increases

• Demand decreases

• Demand stays the same

• Demand doubles

What does the demand curve illustrate?

• The relationship between supply and demand

• The relationship between price and quantity demanded

• The relationship between income and demand

• The relationship between trends and demand

What is equilibrium in the context of supply and demand?

• When supply exceeds demand

• When demand exceeds supply

• When supply and demand meet at a balanced point

• When there is no supply or demand

What does the equilibrium price and quantity indicate?

• The maximum price a product can reach

• The amount of a product at the equilibrium with its price

• The minimum quantity that can be supplied

• The average demand over time