Price, Quantity and Efficiency

Question 1

A place of interaction where buyers and sellers creates trade-offs off.

Answer 1

Market

Question 2

What are the two parties involved in market trade-offs?

Answer 2

Buyers and Sellers

Question 3

In the market, they are the producers.

Answer 3

Sellers, Firms, or Businesses

Question 4

In the market, they are the so-called consumers.

Answer 4

Buyers, Consumers or Costumers

Question 5

Monetary value/worth of a product.

Answer 5

Price

Question 6

It means “To ask of something”

Answer 6

Demand

Question 7

It means “To give or suffice of something”

Answer 7

Supply

Question 8

The total amount of a specific good or service that is available to consumers.

Answer 8

Supply

Question 9

The needs created by the necessity of the consumers.

Answer 9

Demand

Question 10

The market perspective of the consumers.

Answer 10

Demand

Question 11

The market perspective of the businesses.

Answer 11

Supply

Question 12

The law of demand states that ________________________________________________.

Answer 12

The price is inversely proportional to the Quantity Demanded.

Question 13

An assumption that says “The price is inversely proportional to the Quantity Demanded.”

Answer 13

Law of Demand

Question 14

An assumption that says “The price is directly proportional with Quantity Supply.”

Answer 14

Law of Supply

Question 15

The law of supply states that ________________________________________________.

Answer 15

“The price is directly proportional with Quantity Supply.”

Question 16

Graphical representation of a quantity demanded.

Answer 16

Demand Schedule

Question 17

Graphical representation of a demand schedule that is always consistent with the Law of Demand.

Answer 17

Demand Curve

Question 18

The number of goods buyers are willing to purchase at a given price.

Answer 18

Quantity Demanded Qd

Question 19

If Price goes up Quantity Demanded goes down.

Answer 19

Law of Demand

Question 20

If Price goes down Quantity Demanded goes up.

Answer 20

Law of Demand

Question 21

What is Qd?

Answer 21

Quantity Demanded

Question 22

What is Qs?

Answer 22

Quantity Supply

Question 23

A graphical representation of quantity supply.

Answer 23

Supply Schedule

Question 24

Graphical representation of a supply schedule that is always consistent with the Law of Supply.

Answer 24

Supply Curve

Question 25

The number of goods sellers are willing to supply at a given time.

Answer 25

Quantity Supply Qs

Question 26

If Price goes up Quantity Supply goes up.

Answer 26

Law of Supply

Question 27

If Price goes down Quantity Supply goes down.

Answer 27

Law of Supply

Question 28

What is the Law of Supply?

Answer 28

It states that "The price is directly proportional to the Quantity Demanded." If Prices goes up Quantity Supply goes up. If Prices goes down Quantity Supply goes down.

Question 29

What is the Law of Demand?

Answer 29

It states that "The price is inversely proportional to the Quantity Demanded." If Prices goes up Quantity Demanded goes down. If Prices goes down Quantity Demanded goes up.

Question 30

A condition where everything is perfectly balanced.

Answer 30

Equilibrium

Question 31

A condition where the quantity demanded is greater than the quantity supplied.

Answer 31

Shortage

Question 32

A condition where the quantity supplied is greater than the quantity demanded.

Answer 32

Surplus

Question 33

The state in which supply and demand balance each other: happy buyers and happy sellers.

Answer 33

Market Equilibrium

Question 34

The price point where the supply of goods matches demand.

Answer 34

Equilibrium Price

Question 35

The state when there is no shortage or surplus of a product in the market.

Answer 35

Equilibrium Quantity

Question 36

An Upward Slopping Positive Slope

Answer 36

Supply Curve

Question 37

A Downward Slopping Negative Slope

Answer 37

Demand Curve

Question 38

These are Non-Price Factors affecting the Quantity Demanded

Answer 38

Determinants of Demand

Question 39

These are Non-Price Factors affecting the Quantity Supply

Answer 39

Determinants of Supply

Question 40

These are Affordable Goods

Answer 40

Normal Goods

Question 41

These are Expensive Commodities

Answer 41

Superior Goods

Question 42

These are goods that complement each other

Answer 42

Related Goods

Question 43

These are goods that can be substituted or given an alternative

Answer 43

Substitute Goods

Question 44

Give the Three Determinants of Demand

Answer 44

Income Related Goods Substitute Goods

Question 45

Why is income a Determinant of Demand?

Answer 45

The Income Effect Higher-income higher expenses Consumption of normal goods goes down Consumption of superior goods up

Question 46

Consumption of normal goods goes down Consumption of superior goods goes up

Answer 46

The Income Effect

Question 47

It's an assumption that says "The higher-income higher expenses"

Answer 47

The Income Effect

Question 48

A change in the price of one product that complements another can affect the Quantity Demanded for the complementary product.

Answer 48

Related Goods Effect

Question 49

A change in the price of one product that has a substitute can affect the Quantity Demanded for the substitute product.

Answer 49

Substitute Goods Effect

Question 50

Give the Three Determinants of Supply

Answer 50

Technology Tax Subsidies

Question 51

Determinant of supply that is responsible for better production due to innovative pieces of machinery.

Answer 51

Technology

Question 52

A mandatory charge collected by the government from businesses.

Answer 52

Tax

Question 53

Incentives from the government to support businesses.

Answer 53

Subsidies