Chapter 33 Demand & Supply
Understanding Demand and Supply
Test your knowledge on the fundamental concepts of demand and supply with this engaging quiz! Perfect for students and anyone interested in economics, our quiz covers essential terms and principles in a clear and concise manner.
- 20 questions to challenge your understanding
- Multiple choice format for easy answering
- Learn more about market dynamics
What is a market
A market is a place where buyers and sellers connect with each other in order to trade or exchange goods and services
Where buyers only trade goods
Where buyers only exchange services
True or False: Commodities markets are where raw materials used in the production of goods and services are bought and sold
False
True
What best describes a final market?
Where finished goods and services are bought and sold
Where raw materials are bought and sold
Where the factors of productions are bought and sold
Define the term demand
Refers to the price of a product that buyers are willing to purchase at a given price
Refers to the quantity of a product that buyers are willing to purchase at a given price
Relates to price
What does the term utility mean
Consumers will try not to get as much benefits from their limited resources
Consumers will try to get as much benefit or satisfaction as possible from their limited resources
Which statement is correct
When price increases, demand will fall
When price increase, demand will increase
Price doesn't affect demand
What is a demand schedule?
Shows the number of goods demanded by customers at the same price level
Shows the number of goods demanded by customers at different price levels
What is a complementary good?
A product that is used with another product
A product that isn't used with another product
A luxury good
What is a normal good?
Is one that will be in less demand when the buyer's income rises
Is one that will be in greater demand when the buyer's income rises
Has no affect on demand
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