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Supply and Demand quiz reveiw

the quantity of goods or services that producers are willing to offer at various prices in a given time.

The law of Supply

Supply

Producer

Consumer

Consumers are the ones that produce goods and supply

True

False

Competition can

Increase supplies and is very important

Increase supplies but is not important

Decreases supplies but important

Decreases supplies and not important

None of the above.

Match the words to the right definition

Income Effect

Demand is not limitless therefore every time a product is consumed the utility of the product diminishes

Demand

States that an increase in a goods price causes a decrease in the quantity demanded and that a decrease in the price causes an increase in the quantity demanded.

Diminishing Marginal Utility

Amount of a good or service that a consumer is willing and able to buy at possible prices during a given time.

Demand Curve

The more purchasing power people have which means the ability they have to buy things the greater the demand becomes

Law of Demand

Shows the relationship between price and quantity demanded

This exists when a small change in price causes a major change in the quantity supplied

Supply

None of the above

Elastic supply

Demand

What is important about a producer

They are not important

They buy goods

They make goods

They have no purpose

What is one concept that help explain the law of demand

Income effect

Law of demand

Inelastic supply

None of the above

Substitution effect helps consumers replace any slightly cheaper goods for something else that is close to that price

True

False

Match the definition with the correct word

Determinants of Supply

These factors can shift the supply curve in major ways

Diminishing Marginal Utility

The government can affect supply in several ways including taxes on your resources or business, they can give subsidies to aid businesses and reduce the cost of needed goods, or they can enact regulations on businesses forcing them to conform to their rules

Government Tools

Demand is not limitless therefore every time a product is consumed the utility of the product diminishes

Demand is the amount of a specific good or service that's available in the market

True

False

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