31. Supply And Demand (1) Question Preview (ID: 50775)
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what determines price in a free marker
a) supply and demand
b) government
c) businesses
d) consumers
the amount of good for sale
a) supply
b) demand
c) opportunity cost
d) capital
the amount of goods that consumers want to purchase
a) supply
b) demand
c) opportunity cost
d) capital
Which is an incorrect statement about Supply and Demand?
a) supply ↑ ► price ↑
b) supply ↓ ► price ↑
c) demand ↑ ► price ↑
d) demand ↓ ► price ↓
Which is an incorrect statement about Supply and Demand?
a) supply ↑ ► price ↓
b) supply ↓ ► price ↑
c) demand ↓ ► price ↓
d) demand ↑ ► price ↑
Producers (or pizza shop owners) will produce more goods (pizza) if they can sell their goods at a higher prices, so the supply curve moves up and to the right
a) True
b) False
c)
d)
Consumers (or pizza shop customers) will buy fewer goods (pizza) as the pizza becomes more expensive, so the demand curve moves down and to the right
a) True
b) False
c)
d)
Producing more pizzas than consumers are willing to purchase
a) surplus
b) deficit
c) equilibrium
d) opportunity cost
Producing fewer pizzas than consumers will to purchase
a) surplus
b) deficit
c) equilibrium
d) opportunity cost
producing the exact number of pizzas that consumers are willing purchase
a) surplus
b) deficit
c) equilibrium
d) opportunity cost
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