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Supply and Demand quiz reveiw

the quantity of goods or services that producers are willing to offer at various prices in a given time.
The law of Supply
Supply
Producer
Consumer
Consumers are the ones that produce goods and supply
True
False
Competition can
Increase supplies and is very important
Increase supplies but is not important
Decreases supplies but important
Decreases supplies and not important
None of the above.
Match the words to the right definition
Demand
States that an increase in a goods price causes a decrease in the quantity demanded and that a decrease in the price causes an increase in the quantity demanded.
Income Effect
Amount of a good or service that a consumer is willing and able to buy at possible prices during a given time.
Demand Curve
Demand is not limitless therefore every time a product is consumed the utility of the product diminishes
Diminishing Marginal Utility
Shows the relationship between price and quantity demanded
Law of Demand
The more purchasing power people have which means the ability they have to buy things the greater the demand becomes
This exists when a small change in price causes a major change in the quantity supplied
Supply
None of the above
Elastic supply
Demand
What is important about a producer
They are not important
They buy goods
They make goods
They have no purpose
What is one concept that help explain the law of demand
Income effect
Law of demand
Inelastic supply
None of the above
Substitution effect helps consumers replace any slightly cheaper goods for something else that is close to that price
True
False
Match the definition with the correct word
Determinants of Supply
These factors can shift the supply curve in major ways
Diminishing Marginal Utility
Demand is not limitless therefore every time a product is consumed the utility of the product diminishes
Government Tools
The government can affect supply in several ways including taxes on your resources or business, they can give subsidies to aid businesses and reduce the cost of needed goods, or they can enact regulations on businesses forcing them to conform to their rules
Demand is the amount of a specific good or service that's available in the market
True
False
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