Busines unit 1 - Demand and Supply

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  • Created by: CpLucy
  • Created on: 16-05-16 12:27

1. What is the law of supply

  • As the price increases, the supply stays about the same
  • As the price increases, the supply increases
  • As the price increases, the supply decreases
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Other questions in this quiz

2. What is equilibrium

  • The difference between the amount supplied and the amount bought
  • Where producers and consumers agree
  • The price consumers want to buy at

3. What is the law of demand?

  • If the price of a product increases, the demand stays about the same
  • If the price of a product increases, the demand decreases
  • If the price of a product increases,the demand increases

4. What does demand mean?

  • the quantity of a product consumers are willing and able to buy
  • the quantity of a product producers are willing to make and sell
  • the quantity of a product that a business sells

5. What does supply mean

  • the quantity of a product producers are willing to make and sell
  • the quantity of a product consumers are willing and able to buy
  • How much a business makes

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