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Supply & Demand Flashcards | StudBud

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When supply and demand are equal it is called ...

Which of these are a commodity?

Supply & Demand

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Questions 11

Answers

1
Which of these are a commodity?
Gold
Clothing
Jam
Wedding Rings
2
When supply and demand are equal it is called ...
Equal pricing
Surplus
Equilibrium
Optimal Market
3
On a supply and demand graph the demand curve is ...
An upward sloping line
A downward sloping line
4
Some firms are price takers. This means they cannot control the price they get.
Wrong
Correct
5
Equilibrium on a supply and demand graph is...
where both lines meet.
unknown.
The distance between the lines is greatest.
where you want it to be.
6
Demand is ....
The amount sellers are willing to offer for sale at aprice.
The amount consumers are willing to buy at any given price.
7
What is a commodity?
Stock
raw materials
Supply
Products
8
Which of these are goods?
S ugar
Soup
Rice
Coffee
9
A commodity market is...
Where buyers and sellers exchange commodities.
Where buyers and sellers exchange goods.
A normal marketplace.
Tesco
10
Price takers are often....
Producers of commodities
Producers of goods
11
Shortage is when...
The demand is greater than the supply.
The demand is less than the supply.