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Market Demand and Supply Quiz

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Questions and Answers

What does the law of demand state?

An increase in price causes an increase in quantity demanded, assuming other factors remain constant

An increase in price causes a decrease in quantity demanded, assuming other factors remain constant (correct)

A decrease in price causes a decrease in quantity demanded, assuming other factors remain constant

A decrease in price causes an increase in quantity demanded, assuming other factors remain constant

What happens to the demand for a normal good when there is an increase in income?

The demand for the normal good decreases

The demand for the normal good remains unchanged

The demand for the normal good becomes an inferior good

The demand for the normal good increases (correct)

What are substitutes in the context of demand?

Goods that are unrelated in terms of demand

Goods for which an increase in the price of one causes a decrease in demand for the other

Goods for which an increase in the price of one has no impact on the demand for the other

Goods for which an increase in the price of one causes an increase in demand for the other (correct)

What is the impact on quantity demanded when the price of a good decreases, assuming all other factors remain constant?

Quantity demanded increases Signup and view all the answers

What happens to the demand curve when the number of buyers in the market increases?

The demand curve shifts to the right Signup and view all the answers

What effect does a fall in input prices have on production?

Makes production more profitable at each output price Signup and view all the answers

How does an increase in the number of sellers affect quantity supplied?

Increases the quantity supplied at each price Signup and view all the answers

What is the impact of a cost-saving technology on production?

Has the same effect as a fall in input prices Signup and view all the answers

What does equilibrium in a market signify?

Quantity supplied equals quantity demanded Signup and view all the answers

When does a surplus occur in a market?

When quantity supplied is greater than quantity demanded Signup and view all the answers