Demand and Supply Quiz
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Questions and Answers

What does 'demand' refer to?

  • The competition between buyers and sellers
  • The quantity of goods and services that sellers want to offer
  • The price of goods and services in the market
  • The quantity of goods and services that consumers want to buy (correct)

    • What does 'supply' refer to in the context of demand and supply?

  • The quantity of goods and services that consumers want to buy
  • The competition between buyers and sellers
  • The quantity of goods and services that sellers want to offer (correct)
  • The price of goods and services in the market

    • What assumption is made in the demand and supply model?

  • Buyers and sellers have no power to negotiate prices (correct)
  • Buyers and sellers have limited power to negotiate prices
  • Buyers and sellers have the power to negotiate prices
  • Buyers and sellers have equal power to negotiate prices

    • In the demand and supply model, the market is in equilibrium when...

    <p>The quantity of demand is equal to the quantity of supply</p> Signup and view all the answers

    What is the concept of demand and supply based on?

    <p>The idea of perfect competition in the market</p> Signup and view all the answers

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