Classic Classic Quiz Unit Three - Supply & Demand by MidnightHorror MidnightHorror 236 played - 12 yrs ago Quiz on supply & demand QUIZ 7 QUESTIONS hard 1 What is demand? A want for a certain product that all people haveHow much of a product a consumer wants and is able to buyHow much of product gets made 2 Which of the following topics relates to the satisfaction a person gets from consuming a product? Law of DemandThe Law of Supply and DemandThe Law of Diminishing Marginal Utility 3 Which of the following is not a factor of demand? Price of resources used to make productConsumer expectationsThe amount of buyers in the area 4 What will cause a movement along the demand curve? Price changeChange in consumer incomePrice of related goods 5 Which scenario is not true based on changes in the supply curve? The amount of money it takes to make tires increases. The supply of cars will shift left. .New machinery makes the production of books easier and faster. The supply curve will shift right.A local shoe company shuts down one of their two stores. The supply curve will shift to the right. 6 Pick the statement that best describes what equilibrium is. A great action movie starring Christian BaleAll the changes made to the supply and demand in a market in a certain time period.The balancing point of the supply and demand in a market. 7 Which of the following is NOT a true statement? A market economy will eventually reach equilibrium.A shortage can never occur unless there is a surplus.Supply is determined by how much product a producer can sell to the public. A mistake in this Quiz ? Contact the author Commentaires
