5 Questions
What does 'demand' refer to?
The quantity of goods and services that consumers want to buy
What does 'supply' refer to in the context of demand and supply?
The quantity of goods and services that sellers want to offer
What assumption is made in the demand and supply model?
Buyers and sellers have no power to negotiate prices
In the demand and supply model, the market is in equilibrium when...
The quantity of demand is equal to the quantity of supply
What is the concept of demand and supply based on?
The idea of perfect competition in the market
Understanding Demand and Supply: Test your knowledge on the basic economic model that explains the relationship between buyers and sellers in competitive markets. Explore the concept of demand and supply and how they influence the quantity of goods and services demanded and supplied.
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