What is a market?A. A place where only sellers go B. A place where consumers and sellers interactC. A place only for face to face transactions D. A national platform for buyers only Which of the following is NOT a type of market? A. Local B. National C. Global D. InternationalIn a purely competitive market, firms: A. Sell identical product or servicesB. Sell unique products that are not substitutable C. Are owned by the government D. Do not face any competition The law of demand States that, ceteris paribus: A The higher the price, the higher the demand B. The higher the price, the lower the quantity demanded C. The lower the price, the lower the quantity demanded D. Price does not affect demand What does a demand schedule illustrate? A. The various quantities sellers are willing to sell B. The various quantities consumers are willing to buy at different prices C. The income levels of consumers D. The productive cost of goods What does supply describe? A. The value of goods and services that buyers want B. The total value of a good or service that is available to consumers C. The government imposed price of a good D. The consumption level of a good A supply schedule shows: A. Different quantities consumers are willing to buy B. Different quantities suppliers are willing to sell at various price C. The number of suppliers in the market D. The total market demand True or False In a purely competitive market, all competing firms sell different of products.True or False The law of demand indicates a direct relationship between a price and quantity demand. True or False Supply is only affected by price and no others factors.
Answer (1)
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