Podcast
Questions and Answers
Who are the buyers in the market?
Who are the buyers in the market?
- Consumers, businesses, and government (correct)
- Only businesses
- Only government
- Only consumers
According to the theory of demand and supply, what determines the price and quantity sold of a commodity or service in a market economy?
According to the theory of demand and supply, what determines the price and quantity sold of a commodity or service in a market economy?
- The market mechanism
- Both the demand and supply sides of the market (correct)
- The supply side of the market
- The demand side of the market
What are some examples of events that can cause prices to change in a market?
What are some examples of events that can cause prices to change in a market?
- New discoveries and pandemics (correct)
- Demand and supply
- Changes in weather and wars
- Market mechanism
What are the forces that make market economies work?
What are the forces that make market economies work?
Why is it important for business firms to know how much of their products would be wanted by buyers during a given period of time?
Why is it important for business firms to know how much of their products would be wanted by buyers during a given period of time?
According to the law of demand, what is the relationship between price and quantity demanded?
According to the law of demand, what is the relationship between price and quantity demanded?
Who worded the law of demand as 'When we say that a person's demand for anything increases, we mean that he will buy more of it than he would before at the same price, and that he will buy as much of it as before at a higher price'?
Who worded the law of demand as 'When we say that a person's demand for anything increases, we mean that he will buy more of it than he would before at the same price, and that he will buy as much of it as before at a higher price'?
What does the demand curve represent?
What does the demand curve represent?
What is the shape of the demand curve?
What is the shape of the demand curve?
What does the law of demand describe?
What does the law of demand describe?
Which of the following best describes the law of demand?
Which of the following best describes the law of demand?
How does the law of demand describe the relationship between price and quantity demanded?
How does the law of demand describe the relationship between price and quantity demanded?
According to the law of demand, what happens to quantity demanded when price increases?
According to the law of demand, what happens to quantity demanded when price increases?
How is the law of demand represented on a graph?
How is the law of demand represented on a graph?
What does the law of demand describe in terms of the quantity demanded?
What does the law of demand describe in terms of the quantity demanded?
