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QUIZ (DEMAND AND SUPPLY) Flashcards | StudBud
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QUIZ (DEMAND AND SUPPLY)
QUIZ (DEMAND AND SUPPLY)
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Answers
1
The supply and demand applies when three of the following four conditions are met. Which condition is
not
required?
There must be many buyers
There must be many sellers.
The buyers and sellers must trade an identical item
The item traded must be a product.
2
Quantity supplied is the quantity that a producer willing to sell at a particular price during a given time period
True
False
3
The law of supply said that increase in price will increase the quantity supplied.
False
True
4
The quantity demanded is
always equal to the equilibrium quantity.
the amount of a good that consumers plan to purchase at a particular price.
independent of the price of the good
independent of consumers' buying plans.
5
Market equilibrium is achieved when the quantity demanded is equal to the quantity supplied
False
True
6
Economics is best defined as the study of how people, businesses, governments, and societies attain wealth.
True
False
7
Each point on the demand curve reflects all the wants of a given household
True
False
