Home Library Explore SAT

Home Library Explore SAT

Supply and Demand Quiz Flashcards | StudBud

Explore/Supply and Demand Quiz

Supply and Demand Quiz

10 terms·StudBud Administration·54 plays

Supply and Demand GCSE

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
What is a determinant of Demand?
changes in expectations of buyers
changes in style and color
all of these
changes in income
2
Consumers want to buy at the highest price.
True
False
3
What is supply?
Water, land or labor
cost
profit
The good or service for sale
4
What is Demand?
just want to buy stuff
the desire to buy something cheap
when you want to buy something that is too expensive
the willingness to buy specific quantities of a good
5
The law of demand is?
Prices rise, demand rises
Prices rise, demand falls
Prices fall, demand falls
Prices fall, demand rises
6
Businesses buy or hire ________________.
material
products
resources
people
7
______________ is the amount consumers pay for a good or service.
cost
price
revenue
profit
8
Producers want to sell at the highest price.
True
False
9
A market exists when____________.
something is demanded
you barter for what you want
nothing is exchanged
buyers and sellers exchange goods and services
10
When the price of a resource changes, the cost of the good or service changes.
False
True