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Questions and Answers
Supply refers to the actual quantity of a commodity that the seller is:
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
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Match the following concepts with their definitions:
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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.
