1) As price falls more people can afford the product so the quantity demanded... a) decreases b) stays the same c) increases 2) When prices change the demand curve... a) Goes up b) Goes down c) Moves to the left d) Moves to the right e) Doesn't move f) Moves right and left 3) Why do demand curves slope downwards from left to right? Spot the wrong one. a) Substitution Effect b) Income Effect c) Profitable Ability d) Ability to Buy e) Willingness to Busy f) Diminishing Marginal Utility 4) How many conditions of Demand are there? a) 5 b) 9 c) 10 d) 6 e) 8 f) 4 5) What does the T stand for in TIMECOPS a) Changes in Technology b) Changes in Taste c) Change in Time d) Changes in Taxes e) Changes in Total Utilities 6) The basic law of supply is that as the market price of a commodity ________, so producers expand their law of supply onto the market. a) falls b) rises c) remains constant 7) Why do supply curves slope upwards from left to right? Spot the wrong one. a) The profit motive b) Production and costs c) New entrants into the market d) Prices demanded by consumers 8) If the quantity supplied rises - Contraction a) True b) False 9) How many conditions of supply are there? a) 2 b) 7 c) 9 d) 5 e) 6 f) 3 10) A market is where ______________________come together to agree a price and make an exchange. a) suppliers and demanders b) buyers and sellers c) Kings and Queens d) bakers and farmers e) humans and animals f) consumers and producers

Demand, Supply and Markets

by
Print
Embed

Leaderboard

Visual style

Options

Switch template

Continue editing: ?