6 Questions
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
What does the term 'supply' refer to in economics?
The quantity of a product that producers are willing to sell
What does the term 'demand' refer to in economics?
The quantity of a product that consumers are willing to buy
What is price fixing?
A practice where companies collude to set the price of a product
Why is price fixing considered illegal?
It leads to unfair competition
What are the consequences of engaging in price fixing?
Fines and penalties for the companies involved
Test your knowledge of supply and demand with this quiz! Learn about the key concepts in economics and understand the relationship between product availability and consumer desire. Explore the definitions of 'supply' and 'demand' and enhance your understanding of these fundamental economic concepts.
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