3 Questions
What is the economic concept that describes the relationship between the quantity of a good that consumers are willing to buy and the price of that good?
Demand
What is the economic concept that describes the relationship between the quantity of a good that producers are willing to sell and the price of that good?
Supply
How do changes in price affect the quantity demanded or supplied, according to the law of demand and the law of supply?
An increase in price leads to a decrease in quantity demanded, and an increase in quantity supplied.
This quiz covers the economic concepts of demand and supply, including the relationship between the quantity of a good that producers are willing to sell and the price, as well as the relationship between the quantity of a good that consumers are willing to buy and the price. It also explores how changes in price affect the quantity demanded or supplied, according to the law of demand and the law of supply.
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