Supply And Demand Question Preview (ID: 16972)


Review For First Semester Final. TEACHERS: click here for quick copy question ID numbers.

_________________ pay close attention to the needs and activities of consumers.
a) Suppliers
b) Extractors
c) Controllers
d) producers

As competition increases, prices
a) usually increase as well
b) are not affected so usually will not change
c) will decrease
d) There is no way to predict what will happen to prices due to competition

The point where supply and demand are equal
a) market price
b) equilibrium
c) perfection
d) goal

Factors influencing demand are
a) uniqueness of the product
b) weather
c) quality
d) All of the above

Businesses offering very similar products to the same customers
a) Rivals
b) Wannabes
c) Brand partners
d) competitors

the quantity of a good or service that CONSUMERS are willing and able to buy.
a) Supply
b) Profit
c) Demand
d) increasing

the quantity of a good or service that BUSINESSES are willing and able to provide
a) Demand
b) Supply
c) merchandise
d) Christmas items

An example of a producer is a(n)
a) Farmer
b) Construction worker
c) Plumber
d) Beautician

A person who buys and uses goods and services
a) Trader
b) Buyer
c) Consumer
d) Producer

Consumers are made up of.....
a) individuals
b) businesses
c) government
d) All of the above

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