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Supply and Demand Quiz

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Questions and Answers

Supply refers to the actual quantity of a commodity that the seller is:

Willing and able to buy

Willing and able to store

Willing and able to sell (correct)

Willing and able to produce

If a high price results in a decrease in the quantity demanded, it reflects an expansion of demand.

False

What is the economic term for the product of price and quantity demanded?

Total revenue

Smartphone and Charger :: ______ : Water

<p>Bottle</p> Signup and view all the answers

Match the following concepts with their definitions:

<p>Elastic demand = Degree of responsiveness of quantity demanded to price changes Contraction of demand = Decrease in quantity demanded due to price increase Unitary elastic demand = Change in demand where total revenue remains constant Expansion of supply = Increase in quantity supplied due to price rise</p> Signup and view all the answers

Study Notes

Supply and Demand

Supply refers to the quantity of a commodity that the seller is willing and able to sell.
Demand refers to the quantity of a good that buyers are willing and able to purchase at a given price.
Contraction of demand occurs when less units are demanded at a high price.
Expansion of demand occurs when more units are demanded at a lower price.

Q.I.B.Complete the correlation

Joint demand: Smartphone and Charger :: Complementary demand : Water
Expansion of supply: Price rises :: Contraction of supply : Lower price falls
Electricity: Elastic demand :: Matchbox : Inelastic demand
Rectangular hyperbola: Unitary elastic demand :: Steeper demand curve: Inelastic demand

Q.I.C.Suggest the economic terms for the given statements

Product of price and quantity demanded. - Total revenue
Degree of responsiveness of a change in quantity demanded to a change in the price of a consumer. - Price elasticity of demand

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Description

Test your understanding of supply and demand with this insightful quiz! Explore key concepts like joint demand, elastic demand, and total revenue while reinforcing your economic vocabulary. Perfect for students looking to deepen their knowledge in economics.