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Theme 1.2.1 & 1.2.2 Demand & Supply Flashcards | StudBud
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Theme 1.2.1 & 1.2.2 Demand & Supply
Theme 1.2.1 & 1.2.2 Demand & Supply
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Questions
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Answers
1
The quantity of a product bought at a given price over a given period of time = ???
Demand
Supply
Demographics
Market equilibrium
2
Goods for which demand will fall if income rises = ???
Information goods
Inferior goods
Substitute goods
Luxury goods
3
The price where supply & demand are equal = ???
Equilibrium price
YED
Cash flow forecast
PED
4
Supply is greater than demand at a given price point = ???
Gap in the market
Supply deficit
Excess supply
Excess demand
5
Price per unit x Number of units sold = ???
Gross profit
Break even point
Total sales revenue
Net profit
6
Goods that are purchased together because they are consumer together = ???
Inferior goods
Substitute goods
Luxury goods
Complementary goods
7
Goods for which demand will rise if income rises = ??
Inferior goods
Superior goods
Normal goods
Hazardous goods
8
Goods that can be bought as an alternative to something else = ???
Perishable goods
Intangible goods
Substitute goods
Complementary goods
9
Demand is greater than supply at a given price point = ???
Excess demand
Equilibrium price
Excess supply
Demand deficit
10
Goods for which demand rises if income falls = ???
Inferior goods
Luxury goods
Normal goods
Complementary goods