Supply And Demand Question Preview (ID: 44638)


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What is supply?
a) refers to how much (quantity) of a product or service is desired by buyers.
b) represents how much the market can offer
c) the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses.
d)

What is demand?
a) represents how much the market can offer
b) the loss of potential gain from other alternatives when one alternative is chosen.
c) refers to how much (quantity) of a product or service is desired by buyers.
d)

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?
a) the supply will go up
b) the supply will go down
c)
d)

Last year, there were seven men's clothing stores on Main Street in Hillsboro. This year, there are only three. What probably happened to the overall supply of men's shirts in Hillsboro?
a) the supply probably went down
b) the supply went up
c)
d)

According to a recent newspaper story, more Americans own dogs than ever before. As a result, ten new companies start making and selling dog food. What will probably happen to the overall supply of dog food?
a) the supply will probably go down
b) the supply will probably go up
c)
d)

Beanie Boos are so popular right now, but the company only made a small amount of beanie Boos in the color pink. Demi Lovato was seen holding a pink one. People are trying to get their hands on a pink Beanie Boo! What is the demand on this product?
a) the demand is high
b) the demand is low
c)
d)

During the Thanksgiving season, the price of turkey increases. What is the demand for turkey?
a) the demand is lower
b) the demand is higher
c)
d)

When the newest version of the iPhone came out, the older version went on sale. What is the demand for the older iPhone?
a) the demand is higher
b) the demand is lower
c)
d)

A store is running low on Valentine’s Day cards during the month of February. What is the demand for Valentine's Day cards?
a) the demand is lower
b) the demand is higher
c)
d)

The video game “Extreme Racing 5” has just been released, and the older version “Extreme Racing 4” goes on sale. What is the demand for Extreme Racing 4?
a) the demand is higher
b) the demand is lower
c)
d)

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