Supply, demand and price trivia

Try 20 Supply, demand and price trivia questions one at a time, no sign-in needed. Harder questions and review of what you missed continue in the LoreUp app.

• What do we call goods that are worth more when used together, such as a printer and its ink?Supply, demand and price
• What appears in a market when the price is below equilibrium?Supply, demand and price
• With demand unchanged, what generally happens to the price when supply rises?Supply, demand and price
• With supply unchanged, what generally happens to the price when demand rises?Supply, demand and price
• By the law of supply, what happens to the quantity sellers offer when the price rises?Supply, demand and price
• What do we call the state of wanting many things while resources are limited?Supply, demand and price
• What do we call the side of a market that wants to buy?Supply, demand and price
• What does it mean for the price elasticity of demand to be high?Supply, demand and price
• What do we call goods that can be used in place of one another, such as cola and lemon-lime soda?Supply, demand and price
• What do we call the price set at the point where quantity demanded equals quantity supplied?Supply, demand and price
• Goods that can be used in place of one another, so that demand for lemon-lime soda rises when the price of cola goes up, are called substitutes.Supply, demand and price
• Goods that are worth more when used together, such as a printer and its ink, are called complements.Supply, demand and price
• When the price is below equilibrium, goods pile up unsold in excess supply.Supply, demand and price
• By the law of demand, the higher the price goes, the more of the good people want to buy.Supply, demand and price
• A market price is formed by the interaction of demand and supply.Supply, demand and price
• By the law of supply, the higher the price goes, the more sellers want to sell.Supply, demand and price
• The state of wanting many things while resources are limited is called scarcity.Supply, demand and price
• With supply unchanged, a rise in demand usually pushes the price down.Supply, demand and price
• The price set at the point where quantity demanded equals quantity supplied is called the equilibrium price.Supply, demand and price
• A luxury good is always a Giffen good.Supply, demand and price