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WorksheetsDemand and Supply
Total questions: 17
Worksheet time: 9mins
What is demand ?
The willingness and ability to purchase a good backed by the ability to pay for it
The ability to purchase a good or service
Your desire to own a BMW
The willingness of a customer to purchase a good or service
A market is?
A place to find various goods and services
Where buyers go to showcase their goods
Where buyers and sellers come together to exchange goods and services
Changes in income represents a.........
Determinant of supply
Determinant of Demand
Market Force
will change prices
Supply is only the provision of a good or service a particular price at a particular time
True
False
an assumption by economists to mean all other factors remain constant
Market holds constant
Break even
Ceteris Paribus
Carpe noctem
Price of the good, Population, Tastes and preferences and rates of interest are?
Determinants of Demand
Determinants of Supply
The demand curve will shift to the left (decrease in demand)
Advertising decreases
When price of the good decreases
Number of sellers changes
The price of production decreases
Effective Demand is the desire for a good or service backed by the ability to pay
False
True
A change in price levels will result in
A new demand curve
A movement along the Demand curve
A shift or the entire demand curve
A new supply curve
The supply curve shows
The amount that sellers are willing and able to offer
a list of price and quantity supplied combinations
The amount consumers will buy from what is supplied
The amount sellers are willing and able to supply at all possible prices
Draw a graph showing equilibrium
which of the following causes a contraction of the supply curve?
Change in price
consumer's income
Improvements in technology
Increase in labor productivity
The relationship between price and quantity supplied can be described as ...
There is no relationship both are independent of each other
Negative
Positive
A fall in the price of steel will result in the supply curve of motorbikes to
become steeper
intersect with the demand curve
Shift to the right
Shift to the left
The law of supply states at higher prices firms quantity supplied will increase while at lower prices quantity supplied will fall
True
False
What is the effect of equilibrium price when supply increases for a commodity ,ceteris paribus ?
Price rises
Price falls
Price remains constant
Cannot be determined
What is a surplus in the market
Excess demand in the market
Excess supply in the market
Demand greater than supply
Supply equaling demand
