supply/demand quiz

Question 1

What is the law of demand

Answer 1

as price goes up, quantity demanded goes down

Question 2

what are the determinants of demand

Answer 2

ANT PIE

Availability of credit
Number of buyers
Tastes and preferences

Price of other goods
- substitutes
-compliments
Income
-inferior goods
-normal goods
Expectations of the future

Question 3

what is the law of supply

Answer 3

as price goes up, quantity supply goes up

Question 4

what are the determinants of supply

Answer 4

CAT PENS

Capital Investments
-Technology
-Education
Availability of credit
Taxes

Price of relevant resources
Expectations of the future
Number of sellers
Subsidies