WorksheetsDEMAND, SUPPLY AND EQUILIBRIUM
Total questions: 10
Worksheet time: 10mins
an economic principle that refers to a consumer's desire and willingness to pay for a specific good or service.
(a)
drawn as 'upward slopping' due to this positive relationship between price & quantity supplied.
(a)
The ___________ states that the quantity supplied for a good rise as the price rises.
law of demand
supply curve
law of supply
supply demand
refers to a situation in which the price has reached the level where quantity supplied equals quantity demanded.
(a)
Enumerate the Change in Demand
Consumer Income
Opportunity Cost
Prices of Related Goods
Population
Taxes and Subsidies
It measures the amount of products that people are willing to buy.
(a)
What type of slope was the demand curve in the given example?
(a)
It talks about the amount of available goods that producer is selling.
(a)
Price ceiling prevents a price from falling below a given level.
TRUE
FALSE
The law of supply states that as a price rises, quantity supplied also (a) , and vice versa.
