Demand and Supply (Edexcel A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the equilibrium price in a market?
What is the equilibrium price in a market?
Where quantity demanded equals supply
How is total revenue (TR) calculated?
How is total revenue (TR) calculated?
Price × Quantity
When demand increases, what happens to equilibrium price and quantity?
When demand increases, what happens to equilibrium price and quantity?
Both rise
When supply increases, what happens to equilibrium price?
When supply increases, what happens to equilibrium price?
Falls
Excess demand occurs when price is set where?
Excess demand occurs when price is set where?
Below equilibrium price
Which causes the demand curve to shift right?
Which causes the demand curve to shift right?
Consumer incomes rise
Which causes the supply curve to shift left?
Which causes the supply curve to shift left?
Production costs rise
What does 'market clearing price' mean?
What does 'market clearing price' mean?
All goods sold, no surplus or shortage
At £2.50, supply is 100,000 kilos and demand is 20,000. What is the excess supply?
At £2.50, supply is 100,000 kilos and demand is 20,000. What is the excess supply?
80,000 kilos
Why do FA Cup Final tickets sell on black market at £500 when official price is £60?
Why do FA Cup Final tickets sell on black market at £500 when official price is £60?
Official price below equilibrium