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Demand, Supply and Equilibrium

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All questions in this topic have been covered in lecture 2 and 3. You can get the answer from handout material as well as textbook. By the end of this activity, students are able to grab some fundamentals on demand, supply and equilibrium.

Created Date 11.24.19
Last Updated 11.25.19
Viewed 18 Times
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Topics of this game:
  • When two or more goods depending on each other.
  • It may occur due to market speculation.
  • Good that have negative relationship when income reduce.
  • There is no tendency for buyer and seller to change their willingness.
  • a microeconomic principle that uses the concept of supply and demand to determine equilibrium.
  • __is caused by non-price factors.
  • __ is the method that use limited allocation to set the price.
  • will replace more expensive items with less costly alternatives.
  • The movement along the demand or supply curve mainly caused by the changes in� ?
  • There is an _ relationship between price and quantity demanded.
  • Goods that can serve as replacements for one another.
  • The sum of all quantity supplied in the market for every level price.
  • is a framework social and economic behavioural model.
  • ___explain behavior of individuals based on their preferences
  • If current price is greater than equilibrium, this condition called ..
  • When the surplus occur, price tend to ?
  • Can be use to curb inflation and control price fluctuation.
  • Implication of this policy may reduce supply. However, it is a part of government's revenue.
  • In 2018, Malaysia government imposed one policy to keep min wage higher than equilibrium.
  • An increase in DD higher than a decrease in SS. Thus, price will
  • Technology advancement in production could be one of the reason for supply curve
  • is the factors that change due to changes in final product.
  • The demand that affected by price of other goods.
  • Exceptional Demand is the opposite of the Law of Demand where as price increases, demand will also increase.
  • exists when a market is not efficient.