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Demand and supply

What is the law of demand?
As price increases, quantity demanded decreases
As price increases, quantity demanded increases
As price decreases, quantity demanded decreases
As price decreases, quantity demanded increases
Which of the following factors can cause a shift in the demand curve?
Changes in consumer income
Changes in the price of related goods
Changes in production costs
Changes in government regulations
What is the equilibrium price?
What is elasticity of demand?
A measure of how responsive quantity demanded is to changes in price
A measure of how responsive quantity supplied is to changes in price
A measure of how responsive consumer income is to changes in price
A measure of how responsive production costs are to changes in price
Which of the following is an example of a substitute good?
Coffee and tea
Apples and oranges
Butter and bread
Cars and bicycles
What is the law of supply?
As price increases, quantity supplied decreases
As price increases, quantity supplied increases
As price decreases, quantity supplied decreases
As price decreases, quantity supplied increases
Which of the following factors can cause a shift in the supply curve?
Changes in production costs
Changes in technology
Changes in consumer preferences
Changes in government regulations
What is price elasticity of supply?
A measure of how responsive quantity supplied is to changes in price
A measure of how responsive quantity demanded is to changes in price
A measure of how responsive consumer income is to changes in price
A measure of how responsive production costs are to changes in price
What is a price ceiling?
A maximum price set by the government above which a good cannot be sold
A minimum price set by the government below which a good cannot be sold
A price at which demand and supply are equal
A price determined by market forces without government intervention
Which of the following is an example of a complementary good?
Peanut butter and jelly
Milk and cheese
Shoes and hats
Pens and paper
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