The Demand for goods or services is defined as the desire of a consumer to purchase that commodity. The Supply of goods or services is the overall availability of that commodity in the market. These two forces influence the market economy of a particular product, industry or even a nation. Show Below is a list of multiple-choice questions and answers on Demand and Supply to help students understand the topic better.
Answer: b Answer: b Answer: c Answer: c Answer: a Answer: b Answer: c Answer: c Answer: c Answer: b Answer: a Answer: a Answer: c Answer: b Answer: c Answer: c Answer: a Answer: d Answer: a Answer: d Answer: a Answer: a Answer: a Answer: b Answer: d Also See:
What causes a supply curve to shift upwards?The supply curve will move upward from left to right, which expresses the law of supply: As the price of a given commodity increases, the quantity supplied increases (all else being equal).
What are the 5 factors that shift the supply curve?A variable that can change the quantity of a good or service supplied at each price is called a supply shifter. Supply shifters include (1) prices of factors of production, (2) returns from alternative activities, (3) technology, (4) seller expectations, (5) natural events, and (6) the number of sellers.
What 3 factors cause a shift in the supply curve?The general consensus amongst economists is that these are the primary factors that cause a change in supply, which necessitates the shifting of the supply curve:. Number of sellers.. Expectations of sellers.. Price of raw materials.. Technology.. Other prices.. Which of the following is not held constant when looking at an individual's demand curve?The correct option is A
The demand curve moves along the price, and the quantity demanded of a product or service. The price cannot be constant in a demand curve because the quantity demanded of a commodity depends on the price of the good or service offered.
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