Supply and Demand

Front

For the law of demand, as price rises, what happens to quantity demanded?

Back

it goes down

Front

What does this curve represent? Options: supply, equilibrium, demand, surplus

Back

demand

Front

Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store become slow. What causes this change? Options: Prices or availability of substitutes, Prices or availability of complementary goods, Change in the weather or season, Change in the number of buyers

Back

Change in the number of buyers

Front

Goods that are bought and used together are: complementary goods, substitute goods, income goods, unrelated goods

Back

complementary goods

Front

The diagram represents a

Back

increase in demand

Front

Which statement expresses a central idea of how the laws of supply and demand work?

Back

Prices are determined by the interaction of producers and consumers.

Front

What does this graph show? Options: Shortage, Surplus, Supply Table, Equilibrium

Back

Surplus

Front

If a price floor was set at 320, what quantity would be purchased? Options: 20, 40, 60, 80

Back

20

Front

What is the Equilibrium Price?

Back

3

Front

The movement from Point A to Point B represents a(n)

Back

decrease in the quantity supplied.