Demand and Supply Quiz
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Questions and Answers

What happens to the quantity of a product when supply decreases?

  • The quantity remains the same
  • The quantity fluctuates randomly
  • The quantity decreases (correct)
  • The quantity increases

    • What happens to the price of a product when demand increases?

  • The price remains the same
  • The price increases (correct)
  • The price decreases
  • The price fluctuates randomly

    • Which of the following describes the concept of demand and supply?

  • The relationship between the quantity of a product producers are willing to buy and the price of that product
  • The relationship between the quantity of a product producers are willing to sell and the price of that product
  • The relationship between the quantity of a product consumers are willing to buy and the price of that product (correct)
  • The relationship between the quantity of a product consumers are willing to sell and the price of that product

    • Which of the following is NOT a type of market?

    <p>Monopsony</p> Signup and view all the answers

    What is the main characteristic of a monopoly market?

    <p>Many buyers and few sellers</p> Signup and view all the answers

    In an oligopoly market, how many sellers are there?

    <p>Few</p> Signup and view all the answers

    Study Notes

    Effects of Supply and Demand Changes

    • When supply decreases, the quantity of a product decreases.
    • When demand increases, the price of a product increases.

    Understanding Demand and Supply

    • Demand and supply is a concept that describes the relationship between the quantity of a product that consumers are willing to buy and the quantity that producers are willing to supply.

    Types of Markets

    • Oligopoly is a type of market where there are only a few sellers.
    • Monopoly is a type of market where there is only one seller.
    • Perfect competition, monopoly, oligopoly, and monopsony are all types of markets.
    • A bilateral monopoly is NOT a type of market, where there is only one buyer and one seller.

    Characteristics of Markets

    • The main characteristic of a monopoly market is that there is only one seller.
    • In an oligopoly market, there are only a few sellers.

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    Description

    Test your knowledge of demand and supply with this quiz! Learn about the concept of demand and supply, and discover what happens to the price of a product when demand increases and the quantity when supply decreases.

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