Supply and Demand
Quiz by Nadir Ahmad
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40 questions
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- Q1What is the term for the various quantities of a good or service that producers are willing to sell at all possible market pricesSupply30s
- Q2What is the principle that suppliers will normally offer more for sale at higher prices and less at lower pricesLaw of supply30s
- Q3What happens to the supply of a good if its price risesSupply increases30s
- Q4What is a supply schedulea numerical chart that illustrates the law of supply30s
- Q5What is a supply curvea graph that shows the amount of a product that would be supplied at all possible prices in the market30s
- Q6Why does the supply curve slope upwardSuppliers are generally willing to offer more goods and services at a higher price and fewer at a lower price30s
- Q7What three things affect supplycost of resources, government policies, expectations30s
- Q8What happens to a company's cost when workers are more productivecosts decrease30s
- Q9What is the term for a government payment to an individual, business, or other group for certain actionssubsidy30s
- Q10What is the term that describes how supply changes in response to changes in pricesupply elasticity30s
- Q11What is the amount by which the quantity supplied is higher than the quantity demandedsurplus30s
- Q12What does a surplus signalPrice is too high30s
- Q13What is the amount by which the quantity demanded is higher than the quantity suppliedshortage30s
- Q14What is the benefit of a market economy when it operates without restrictionshortages and surpluses are eliminated30s
- Q15What is the point where supply and demand achieve balanceequilibrium price30s