Does the supply and demand for a product ever change?

Yes - supply and demand are constantly changing

What is not a benefit of market competition?

Big companies having a monopoly

What is a complementary product?

A product that is needed to use another product

How is market price determined?

At the market equilibrium point

What is the market equilibrium?

Where supply is equal to the demand in the market

A consumer's desire or willingness to pay for goods/services

Why is a market necessary?

To distribute resources amongst society

The total amount of goods/services available to consumers

What is the main role of a producer in the modern marketplace?

To use their resources to provide a good or service

As price goes up, what usually happens to supply?

More goods/services are supplied.

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Supply & Demand

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Supply and Demand

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Questions 15

Answers

1
If demand goes up, what usually happens to price?
Price stays the same
Price goes down
Price goes up
2
As price goes down, what usually happens to supply?
Supply goes down.
Supply goes up.
Supply stays the same.
3
Does the supply and demand for a product ever change?
No - the market price is fixed
Yes - supply and demand are constantly changing
4
What is an example of a modern marketplace?
Yandina Markets
Sunshine Plaza
All of the above
eBay
5
What is not a benefit of market competition?
New products are created
Big companies having a monopoly
Better quality goods/services
Lower price for buyers
6
What is a complementary product?
A product that is needed to use another product
Products that are of high quality
A product that is trendy and popular with consumers
Something that makes you look good
7
How is market price determined?
By the government
At the market equilibrium point
Businesses decide how much profit they want
Consumers decide how much they can afford
8
What is the market equilibrium?
The price
Where goods/services are distributed equally
When you sell out of all of your goods/services
Where supply is equal to the demand in the market
9
What is demand?
When I want something
A consumer's desire or willingness to pay for goods/services
The ability to pay for a product
The amount of goods in the market
10
Why is a market necessary?
To have competition
To distribute resources amongst society
To make businesses rich
To meet up with the community
11
What is supply?
Providing products to different stores
The total amount of goods/services available to consumers
When you stock up on a particular good
The amount of goods/services that you want to purchase
12
As price goes up, what usually happens to demand?
Demand stays the same.
Demand goes up.
Demand goes down.
13
What is the main role of a producer in the modern marketplace?
To use their resources to provide a good or service
To persuade buyers to purchase their products or services
To make movies
To deliver goods
14
As price goes up, what usually happens to supply?
More goods/services are supplied.
Supply goes down.
Supply stays the same.
15
What are some factors that might influence supply or demand?
New technology
Cost of complementary products increases
All of the above
Consumer Income

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