1. Market demand is A) a movement along the demand curve in response to the mark

Question

1. Market demand is

A) a movement along the demand curve in response to the market.

B) the demand for and supply of a good or service

C) the total quantities demanded of all consumers of a particular item at given prices

D) total equilibrium demand for the market.

2. A given supply curve illustrates

A) the effect of a change in technology on quantity supplied.

B) the effect of a change in resource costs on quantity supplied

C) the relationship between expected future prices and quantity supplied

D) the relationship between price and quantity supplied.

3. If the price of Pepsi increases, then there will be ________ of Pepsi.

A) an increase in the supply

B) an increase in the quantity supplied

C) a decrease in the quantity supplied

D) a decrease in the supply

4. The direct relationship between changes in price and changes in quantity supplied is

Explanation / Answer

Ans1) C is the correct option. the total quantities demanded of all consumers of a particular item at given prices. Market demand is the total amount of goods and services that all consumers are willing and able to purchase at a specific price in a marketplace.

Ans2) D is the correct option. the relationship between price and quantity supplied. The supply curve is a graphical representation of the relationship between the price of a good or service and the quantity supplied.

Ans3) B is the correct option. An increase in the quantity supplied. There is a positive relationship between price and the quantity supplied.

Ans4) D is the correct option. The law of supply. It states that an increase in price results in an increase in quantity keeping other things constant supplied.

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