Demand and Supply Quiz

It is an economic concept that relates to a consumer's desire to purchase goods and services and willingness to pay a specific price for them.

• Supply

• Demand
• Needs

• Wants

It is the number of products that a producer or seller is willing and capable to provide to buyers.

• Demand

• Supply

• Supply and Demand

• None of the above

determines their purchasing capacity once it increases or decreases. It refers to consumer?

• Income

• Preference

• Taste

• Expectation

The demand for a product can rise if consumers think it's going to become scarce, unavailable or more expensive in the future.

• Preference

• Prediction

• Expectation

• Scarcity

These are manufacturing expenses such as materials, laborer, and wages.
It can influence the price of goods and services.

• Cost

• Production Cost

• Demand

• Supply

It is the use of advancement tool that will help business operations or productivity level

• Materials

• Innovation

• Additional Employee

• Technology

A celebrity endorses a new brand of clothes, making them extremely popular. What will likely happen to the clothes price and demand?

• Both price and demand will decrease.

• Price will increase, but demand will decrease.

• Demand will increase, leading to higher prices.

• Demand will stay the same, but supply will increase.

A sudden drought causes a decrease in the production of coffee beans. What is the expected effect on the supply?

• Coffee supply will increase

• Coffee supply will decrease

• Demand will increase, leading to higher prices.

• None of the Above