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Grade 9 Demand and Supply Flashcards | StudBud
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Grade 9 Demand and Supply
Excess demand is known as:
Supply is provided for by:
Grade 9 Demand and Supply
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Answers
1
Supply is provided for by:
Businesses
Households
Government
All of the above
2
Excess demand is known as:
Market equilibrium
Market surplus
Market shortage
3
Demand is wanting a product whether or not you can afford it.
True
False
4
Which of the following will determine supply?
All of the above
Price of factors of production
Price of the product
State of technology
5
Which of the following DOES not detemine demand?
Size of the household
Income of the consumer
Price of related products
Production costs
6
Which of the following may cause an increase in supply?
Decreased production costs
Fall in the price of a related product
Increased production costs
Rise in price of a substitute product
7
When supply increases, what needs to happen to price to restore equilibrium?
Decrease
Remain the same
Increase
8
When demand increases, what needs to happen to price to restore equilibrium?
Increase
Remain the same
Decrease
9
The lower the price the higher the quantity supplied.
True
False
10
The more their is avaliable of a product the higher the demand.
True
False
11
Market equilibrium us when quantity demanded is less than quantity supplied.
False
True
