Supply and Demand Quiz
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Questions and Answers

Which of the following is a key concept in economics that explains the relationship between the availability of a product and the desire for that product?

  • Supply and demand (correct)
  • Monopoly and competition
  • Cost and benefit
  • Inflation and deflation

    • What does the term 'supply' refer to in economics?

  • The quantity of a product that consumers are willing to buy
  • The demand for a product in the market
  • The quantity of a product that producers are willing to sell (correct)
  • The price at which a product is sold

    • What does the term 'demand' refer to in economics?

  • The supply of a product in the market
  • The quantity of a product that producers are willing to sell
  • The price at which a product is sold
  • The quantity of a product that consumers are willing to buy (correct)

    • What is price fixing?

    <p>A practice where companies collude to set the price of a product</p> Signup and view all the answers

    Why is price fixing considered illegal?

    <p>It leads to unfair competition</p> Signup and view all the answers

    What are the consequences of engaging in price fixing?

    <p>Fines and penalties for the companies involved</p> Signup and view all the answers

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