Introduction to Supply and Demand
Authored by Ross Gibson
Business
10th Grade
Used 7+ times
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29 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of 'supply'?
Amount of something
Consumer want + ability to pay
Amount producers are willing to sell
What buyers pay for something
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'demand' refer to?
Amount of something
What buyers pay for something
Consumer want + ability to pay
Amount producers are willing to sell
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a 'market'?
Consumer want + ability to pay
What buyers pay for something
Amount producers are willing to sell
Place where products are exchanged
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when there is a surplus?
Supply equals demand
Demand equals supply
Demand is greater than supply
Supply is greater than demand
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the result of a shortage?
Supply is greater than demand
Demand equals supply
Supply equals demand
Demand is greater than supply
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is 'equilibrium' in a market?
Demand is greater than supply
Supply is greater than demand
Demand equals supply
Supply equals demand
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is a 'consumer'?
Person who buys the product
Makes or sells the product
Amount producers are willing to sell
Group working towards shared goal
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