Busines unit 1 - Demand and Supply
- Created by: CpLucy
- Created on: 16-05-16 12:27
Other questions in this quiz
2. 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
3. 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
4. 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
5. What is equilibrium
- Where producers and consumers agree
- The price consumers want to buy at
- The difference between the amount supplied and the amount bought
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