Question 1

What is price?

Accepted Answer

Price is the amount of money exchanged for a good or service

Answer

it the same as cost except higher

Answer

is the value of things from the producers point of view only

Answer

is what is given up in order to gain something

Question 2

What is supply?

Accepted Answer

how much you have so a product or resource

Answer

the opposite of demand

Answer

what is used when you are out of a product

Answer

how little you have of something

Question 3

What happens to price when there is a limited supply of a service or good?

Accepted Answer

the price goes up

Answer

the price remains unchanged

Answer

the demand will also go down

Answer

the price goes down

Question 4

What two thing influence price?

Accepted Answer

supply and demand

Answer

income and demand

Answer

production and income

Answer

incentive and sales

Question 5

What is demand?

Accepted Answer

how many and much the consumer wants a good or service

Answer

the price of a product

Answer

the value of a good or service

Answer

production of a good

Question 6

What is the law of demand?

Accepted Answer

consumers will buy less of a product if the price is high and more of a product if the price is low

Answer

variation of price

Answer

consumer demand

Answer

consumer sovereignty

Question 7

What is the law of supply?

Accepted Answer

producers will produce more when they can sell it at a higher price and will produce less when they can only sell it at a lower price

Answer

an accurate count of how much of a product is left

Answer

producer will produce less if they can sell it at a higher price

Answer

producers will  produce more if they can sell it at lower price

Question 8

What is equilibrium price?

Accepted Answer

the point where supply and demand meet.

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