The Law of Supply and Demand Quiz
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Questions and Answers

Which concept is at the core of economics?

  • Law of Averages
  • Law of Supply and Demand (correct)
  • Law of Gravity
  • Law of Diminishing Returns

    • What does the Law of Supply and Demand help explain?

  • The prices of different items (correct)
  • The impact of inflation
  • The production of goods
  • The distribution of income

    • Which of the following is NOT a component of the Law of Supply and Demand?

  • Price
  • Demand
  • Supply
  • Production (correct)

    • According to the Law of Supply and Demand, what happens to the demand for an item as its price increases?

    <p>The demand decreases</p> Signup and view all the answers

    What do companies want to do when the price of an item decreases?

    <p>Produce more of it</p> Signup and view all the answers

    What is the point at which the lines of supply and demand cross, setting the price called?

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

    What happened to the sales of the Playstation 3 console when it was initially released at a high price?

    <p>The sales were lower than expected</p> Signup and view all the answers

    What did Sony do to increase the demand for the Playstation 3 console?

    <p>Lowered the price</p> Signup and view all the answers

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