1) What happens to the quantity demanded when the price of a product decreases? a) It decreases b) It Increases 2) Which of the following is a factor that can shift the demand curve a) Changes in income levels b) Technological Advancements 3) If the price of coffee increases, what is likely to happen to the demand for tea, assuming tea is a substitute for coffee? a) Demand for tea increases b) Demand for tea decreases 4) Which of the following is an example of a supply shifter a) A change in consumer preferences b) A new government tax on production 5) Equilibrium is the point at which the quantity demanded is greater than the quantity supplied a) True b) False 6) The Law of demand states that as the price of a good increases the quantity demanded also increases. a) True b) False

Demand And Supply Questions

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