Meaning of Demand And Supply - SS2 Economics Past Questions and Answers - page 1
1
What is demand in economics?
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A
 The quantity of a good or service that producers are willing and able to sell at a particular price.
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B
The quantity of a good or service that consumers are willing and able to buy at a particular price.
C
The cost of producing a good or service.
2
What is the law of demand?
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A
As the price of a good or service increases, the quantity demanded of that good or service increases.
B
As the price of a good or service decreases, the quantity demanded of that good or service decreases.
C
As the price of a good or service increases, the quantity supplied of that good or service decreases.
3
What is supply in economics?
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A
 The quantity of a good or service that consumers are willing and able to buy at a particular price.
Â
B
The quantity of a good or service that producers are willing and able to sell at a particular price.
C
The cost of producing a good or service.
4
What is the law of supply?
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A
As the price of a good or service increases, the quantity demanded of that good or service increases.
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B
As the price of a good or service decreases, the quantity demanded of that good or service decreases.
C
As the price of a good or service increases, the quantity supplied of that good or service increases.
5
What factors affect demand?
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A
Price, production costs, technology, and government policies.
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B
Price, income, tastes and preferences, and the availability of substitutes.
C
Price, quantity, and profit.
6
What factors affect supply?
View related lesson
A
Price, income, tastes and preferences, and the availability of substitutes.
Â
B
Price, production costs, technology, and government policies.
C
Price, quantity, and profit.
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