Podcast
Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App
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?
Signup and view all the answers
What is the main characteristic of a monopoly market?
What is the main characteristic of a monopoly market?
Signup and view all the answers
In an oligopoly market, how many sellers are there?
In an oligopoly market, how many sellers are there?
Signup and view all the answers
Flashcards are hidden until you start studying
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
