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Questions and Answers
What happens to the quantity of a product when supply decreases?
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?
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?
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?
Which of the following is NOT a type of market?
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What is the main characteristic of a monopoly market?
What is the main characteristic of a monopoly market?
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In an oligopoly market, how many sellers are there?
In an oligopoly market, how many sellers are there?
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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.
