Meaning of Demand And Supply - SS2 Economics Past Questions and Answers - page 1
What is demand in economics?
The quantity of a good or service that producers are willing and able to sell at a particular price.
The quantity of a good or service that consumers are willing and able to buy at a particular price.
The cost of producing a good or service.
What is the law of demand?
As the price of a good or service increases, the quantity demanded of that good or service increases.
As the price of a good or service decreases, the quantity demanded of that good or service decreases.
As the price of a good or service increases, the quantity supplied of that good or service decreases.
What is supply in economics?
The quantity of a good or service that consumers are willing and able to buy at a particular price.
The quantity of a good or service that producers are willing and able to sell at a particular price.
The cost of producing a good or service.
What is the law of supply?
As the price of a good or service increases, the quantity demanded of that good or service increases.
As the price of a good or service decreases, the quantity demanded of that good or service decreases.
As the price of a good or service increases, the quantity supplied of that good or service increases.
What factors affect demand?
Price, production costs, technology, and government policies.
Price, income, tastes and preferences, and the availability of substitutes.
Price, quantity, and profit.
What factors affect supply?
Price, income, tastes and preferences, and the availability of substitutes.
Price, production costs, technology, and government policies.
Price, quantity, and profit.
What is demand?
Demand refers to the quantity of a good or service that consumers are willing and able to purchase at a certain price and time.
What is an example of supply?
An example of supply is the amount of a product that a company is willing and able to offer for sale to consumers at a certain price and time.
How does price affect demand and supply?
An increase in price can decrease demand but increase supply, while a decrease in price can increase demand but decrease supply.