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WorksheetsSupply and Demand
Total questions: 11
Worksheet time: 7mins
What is a market?
A market is a place where buyers and sellers can negotiate
A market is a place where buyers and sellers can exchange goods and services
A market is a supermarket
Examples of markets are.....
Final, factor and commodities markets
Factor, stock market and commodities market
Final, commodities and virtual
Demand refers to
the quantity of a product that buyers are willing to sell at a given price.
the supply of a product that buyers are willing to purchase
the quantity of a product that buyers are willing to purchase at a given price.
The law of demand states that
as the price of a good or service increases, the quantity demanded will decrease and vice versa
as the price of a good or service decreases, the quantity demanded will decrease and vice versa
as the price of a good or service increases, the quantity demanded will increases and vice versa
On a demand curve, when price is high, demand is....
low
high
average
0
List three factors that effect demand.....
When there is a decrease in demand the demand curve will shift to the _____________
left
right
won't change
When there is a increase in demand the demand curve will shift to the _____________
left
right
won't change
Give an example of a complementary good of an Xbox
Give an example of a substitute product for Nike runners
Law of diminishing marginal utility =
The benefit or satisfaction that a consumer receives from consuming a good or service decreases over time.
The benefit or satisfaction that a consumer receives from consuming a good or service increases over time.
