Practice - Demand and Supply – Basic Concepts
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
What is meant by effective demand?
💡 Hint: Think about the difference between just wanting something and being able to purchase it.
Name one factor that affects demand.
💡 Hint: Consider what might make someone decide to buy less of a product.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What happens to demand when the price of a good increases?
💡 Hint: Remember how you react to price changes in everyday shopping.
True or False: Higher production costs lead to an increase in supply.
💡 Hint: Think about the connection between costs and price settings.
Get performance evaluation
Challenge Problems
Push your limits with advanced challenges
Suppose the Government imposes a tax on luxury cars. Analyze the possible effects on supply and demand for these vehicles.
💡 Hint: Consider how taxes influence both producer and consumer behaviors.
Consider a situation where consumer preferences shift significantly towards electric vehicles due to environmental concerns. Discuss the implications for traditional gasoline cars in terms of supply and demand.
💡 Hint: Think about how shifting societal values impact market dynamics.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.