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Q 1/20
Score 0
Demand is the different quantities of goods that consumers are willing and able to buy at different prices
60
False
True
Q 2/20
Score 0
According to the law of demand there is an _________________ relationship between price and quantity demanded
60
inverse
positive
direct
diverse
20 questions
Q.
Demand is the different quantities of goods that consumers are willing and able to buy at different prices
1
60 sec
Q.
According to the law of demand there is an _________________ relationship between price and quantity demanded
2
60 sec
Q.
Qs is quantity supplied and Qd is quantity demanded
3
60 sec
Q.
According to the law of supply there is a(n) _________________ relationship between price and quantity demanded
4
45 sec
Q.
The only thing that can change (Qs) is the price of that item being graphed.
5
60 sec
Q.
The 5 Shifters (Determinants) of Supply include Cost of Resources, Productivity, Technology, Number of Sellers, and
6
60 sec
Q.
Demand curve is a graph showing the various quantities supplied at all possible prices
7
60 sec
Q.
A movement from point to point on a single Supply curve is a change in quantity supplied.
8
60 sec
Q.
Demand depends on two variables. They are...
9
60 sec
Q.
"Any place where buyers and sellers meet to exchange goods and services" is
10
60 sec
Q.
Substitutes are two goods that are bought and used together.
11
60 sec
Q.
Using the graph, the supply curve is elastic because the change in price causes a proportionally larger change in quantity supplied.
12
60 sec
Q.
The five deteminants of demand include Tastes and Preferences, Number of Consumers, Consumer Income, Elasticity of Demand, and
13
60 sec
Q.
The market demand curve can change if there is a change in the number of consumers.
14
60 sec
Q.
As income falls, demand increases for normal goods.
15
60 sec
Q.
Supply elasticity is how much the quantity supplied responds to a change in price.
16
60 sec
Q.
Qd=Qs is
17
60 sec
Q.
If a firm can adjust to new prices quickly, then supply is likely to be elastic.
If production needs more time to adjust to changes, then supply is more likely to be inelastic.
18
60 sec
Q.
The free market system automatically pushes the price toward equilibrium, because when there is a surplus, producers lower prices and when there is a shortage, producers raise prices.
19
60 sec
Q.
The price at which the quantity of a product offered is equal to the quantity of the product in demand
