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WorksheetsPractice (DEMAND & SUPPLY)
Total questions: 15
Worksheet time: 12mins
What is demand?
Willingness to buy a specific good and services for a given price
Willingness to sell a specific good and services for a given price
An increase in the price, a decrease in the quantity demanded
An increase in the price causes an increase in the quantity demanded.
What is supply?
Willingness to buy a specific good and services for a given price
Willingness to sell a specific good and services for a given price
An increase in the price, a decrease in the quantity supplied
An increase in the price causes an increase in the quantity supplied
What is the law of demand?
An increase price causes an increase quantity demanded.
An increase in the price, a decrease in the quantity supplied
An increase in the price, a decrease in the quantity demanded
An increase in the price causes an increase in the quantity supplied.
What is the law of supply?
An increase in the price, a decrease in the quantity supplied
An increase price causes an increase quantity demanded.
An increase in the price, a decrease in the quantity demanded
An increase in the price causes an increase in the quantity supplied
If price is RM8 per unit, quantity demanded will equal:
4 units
6 units
8 units
10 units
If quantity demanded are 10 units, price will equal:
RM12
RM10
RM8
RM2
Calculate the demand function when the price increase from RM2 to RM4 and quantity demanded decrease from10 units to 8 units?
Qd=12-1P
Qd=10+2P
Qd=12+1P
Qd=10-2P
What are the determinants of demand?
i. Technology
ii. Taste
iii. Income
iv. Price of related goods
i and ii
ii, iii, iv
ii and iii
i, ii and iv
If price is RM12 per unit, quantity supplied will equal:
9 units
6 units
3 units
12 units
If quantity supplies are 18 units, price will equal:
RM21
RM15
RM12
RM9
Calculate the supply function when the price falls from RM12 to RM9 and quantity supplied drop from 9 units to 6 units?
Qs = 3 - 1P
Qs = 4 + 2P
Qs = 3 + 1P
Qs = 4 - 2P
Given demand function: Qd = 600 -20P, Supply function: Qs = 400+20P. Equilibrium price and output are
P = RM6 and Q = 100
P = RM2 and Q = 100
P = RM3 and Q = 500
P = RM5 and Q = 500
The equilibrium price in this market is equal to:
RM3 per unit
RM5 per unit
RM4 per unit
RM6 per unit
At a price of RM3, there is:
Excess demand (a shortage) of 6 units
Excess demand (a shortage) of 12 units
Excess supply (a surplus) of 6 units
Excess supply (a surplus) of 12 units
At a price of RM6, there is:
Excess demand (a shortage) of 6 units
Excess demand (a shortage) of 12 units
Excess supply (a surplus) of 6 units
Excess supply (a surplus) of 12 units
