5 Questions
What are the three magic words for many economists?
supply, demand, price
What determines the price of a good or service in a market?
supply and demand
What are supply and demand determined by?
technology and the conditions under which people operate
What are the two extremes of a market?
a large number of virtually identical sellers and buyers or only one
What is the link between supply and demand and the French Revolution, successful relationships, and the U.S. Declaration of Independence?
They all involve three magic words that are central to their respective contexts.
Test your knowledge of supply and demand with this quiz! Learn about the fundamental principles that drive markets and understand why prices fluctuate. Challenge yourself to answer questions on buyers, sellers, and the factors that influence supply and demand.
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