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What is supply?

What is the law of demand?

EC12D S and D

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AS economics supply and demand

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Questions 8

Answers

1
What is the law of demand?
There is a direct relationship between supply and demand
There is an inverse relationship between price and demand
2
What is supply?
The quantity of a good a producer is willing, able to supply
The quantity of a good a producer is unable to supply
3
What is a giffen good?
A good where an increase in price causes decrease in demand
A good where a higher price causes an Increase in demand
A good where a decrease in price causes a increase in demand
A good where a decrease in price causes a decrease in demand
4
which of the following doesn't cause a change in the supply and demand diagram
An increase in supply
Change in price
An increase in demand
A decrease in supply
5
As the price of a good falls, demand will...
Fall
Stay the same
Increase
6
Which of the following isn't an influence on supply?
The final price of the product
Improvements in technology
Increase in the number of producers
Costs of production
7
What is effective demand?
When a desire to buy a good is backed by the ability to buy
When the desire to buy a good isnt backed by ability to buy
8
What is latent demand?
When a desire to buy a good is backed by the ability to buy
when a desire to buy a good isnt backed by ability to buy it