Mastering Supply and Demand
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Questions and Answers

Which of the following is NOT a shifter of demand?

  • Consumer Income
  • Consumer Taste
  • Number of Buyers (correct)
  • Price of Related Goods

Which of the following is NOT a shifter of supply?

  • Consumer Taste (correct)
  • Input Prices
  • Technology
  • Expectations

What is the relationship between price and quantity demanded according to the law of demand?

  • Direct relationship
  • No relationship
  • Indirect relationship (correct)
  • Variable relationship

What is the relationship between price and quantity supplied according to the law of supply?

<p>Direct relationship (D)</p> Signup and view all the answers

What happens to the demand curve when there is a change in the price of a product?

<p>The curve remains unchanged (C)</p> Signup and view all the answers

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