Busines unit 1 - Demand and Supply
- Created by: CpLucy
- Created on: 16-05-16 12:27
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 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
4. What does supply mean
- How much a business makes
- the quantity of a product producers are willing to make and sell
- the quantity of a product consumers are willing and able to buy
5. 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
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