Marketing
Understanding Supply and Demand
Test your knowledge of fundamental marketing concepts with our engaging quiz on supply, demand, and market dynamics!
Get ready to challenge yourself with questions covering:
- Basic definitions of supply and demand
- Real-world applications of economic principles
- Market equilibrium and its significance
- Elasticity concepts and implications
What is Supply?
The amount of a good or service offered for sale.
To make something available for someone.
A grant of money by Parliament for the costs of government.
A person acting as a temporary substitute for another.
What is Demand?
An insistent and peremptory request, made as if by right.
A consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service.
Ask Authoritatively or brusquely.
Insist on having.
Kevin owns a business that sells Hot Cheetos for 55 Euros, what is he?
A person.
Kevin Hart.
Producer.
Consumer.
David is dumb enough to buy Hot Cheetos for 55 Euros, what is he?
A dumb person.
Producer.
Consumer.
Someone who needs to rethink their life.
When supply and demand are balanced, what is the economic term to describe it?
Equal.
Balanced.
Equilibrium.
Sufficient.
Surplus is when...
You slurp on something yummy.
The quantity supplied is greater than the quantity demanded.
You plus the slurp.
Someone makes a weird sound.
What causes a shortage?
Increase in demand.
Decrease in supply.
Government intervention.
All of the above.
What is elasticity?
All of the below.
A measure of a variable's sensitivity to a change in another variable.
A rubber band.
How much a rubber band can move.
What is inelasticity?
The opposite of elasticity.
When the price goes up, consumers' buying habits stay about the same, and when the price goes down, consumers' buying habits also remain unchanged.
A non elastic rubber band.
Rubber.
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