1/29/2021 Q1 WRITTEN WORK 4: Attempt review

Home / My courses / BAED-ECON2122-2022S / Week 4: Demand and Supply in Relation to Prices of Basic Commodities

/ Q1 WRITTEN WORK 4

Started on Friday, 29 January 2021, 10:27 PM

State Finished
Completed on Friday, 29 January 2021, 10:28 PM
Time taken 1 min 33 secs
Marks 5.00/5.00
Grade 10.00 out of 10.00 (100%)

Question 1
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The state of balance when demand is equal to supply.

Answer: Equilibrium 

Question 2
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Which one of the following is the best explanation of market equilibrium?

Select one:
a.
Where markets for goods equal markets for services

b.
Where price equals supply

c. Where market supply equals market demand 

d. Where price equals demand

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1/29/2021 Q1 WRITTEN WORK 4: Attempt review

Question 3
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A table showing how much of a good or service consumers will want to buy at different prices

Answer: demand schedule 

Question 4
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shortages occur when the quantity demanded exceeds the quantity supplied. When the market price is held below the equilibrium price.

Select one:
a. Demand Schedule

b. Normal Goods

c. Substitute

d. Shortage 

Question 5
Correct

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The actual amount of a good or service people are willing to sell at some specific price.

Select one:
a. Demand Schedule

b. Supply Schedule

c. Quantity Supplied 

d. Positive Economics

◄ Week 004 Demand and Supply in Relation to the Prices of Basic Commodities

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VIRTUAL CLASS JAN. 6, 2021 3:00PM TO 4:00PM ►

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