Economics - Supply & Demand

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| By Bcjoe77
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Bcjoe77
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Quizzes Created: 3 | Total Attempts: 413
| Attempts: 132
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  • 1/5 Questions

    Increases when a producer thinks a lot of something will sell at a high price.

    • Demand
    • Supply
    • Both
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About This Quiz

Explore the fundamentals of market dynamics in this Economics - Supply & Demand quiz. Assess your understanding of how supply, demand, and equilibrium points interact to shape market outcomes. Ideal for students looking to enhance their knowledge in microeconomic principles.

Economics - Supply & Demand - Quiz

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  • 2. 

    How much consumers want a good or a service.

    • Demand

    • Supply

    • Both

    Correct Answer
    A. Demand
    Explanation
    The given question is asking about the level of desire or need that consumers have for a good or service. This concept is known as demand. Demand represents the quantity of a product or service that consumers are willing and able to buy at a given price and time. It is determined by factors such as price, income, preferences, and availability of substitutes. Therefore, the correct answer is "Demand."

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  • 3. 

    Categorize the following questions on this quiz as affecting mostly Supply, Demand , or Both. Equilibrium Point..

    • Demand

    • Supply

    • Both

    Correct Answer
    A. Both
    Explanation
    The equilibrium point is the point at which the quantity demanded equals the quantity supplied in a market. This means that both supply and demand are equally influential in determining the equilibrium point. Changes in either supply or demand will shift the equilibrium point, indicating that both factors affect the market. Therefore, the correct answer is "Both."

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  • 4. 

    Decreases when a product becomes more expensive.

    • Demand

    • Supply

    • Both

    Correct Answer
    A. Demand
    Explanation
    When a product becomes more expensive, the demand for it typically decreases. This is because consumers are less willing or able to purchase the product at a higher price. As the price increases, it may exceed the consumer's willingness to pay or their budget constraints, leading to a decrease in demand. Therefore, the correct answer is "Demand."

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  • 5. 

    How much of a good or service there is.

    • Demand

    • Supply

    • Both

    Correct Answer
    A. Supply
    Explanation
    The given question is asking about the concept that refers to the quantity of a good or service available in the market. This concept is known as "supply." Supply represents the amount of a product that producers are willing and able to sell at a given price and time. It is determined by factors such as production costs, technology, and resource availability. Demand, on the other hand, refers to the quantity of a good or service that consumers are willing and able to purchase at a given price and time. Therefore, the correct answer is "Supply."

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  • Current Version
  • Feb 14, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Sep 28, 2011
    Quiz Created by
    Bcjoe77
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