Supply and Demand Review

Front

Supply and demand determine:
- needs and wants
- all goods produced
- the price for a good or service
- All of the above

Back

All of the above

Front

Equilibrium is

Back

when the producer and the consumers agree on a price.

Front

The law of demand says

Back

consumers will buy less when prices increase.

Front

When will a producer cause a shortage?

Back

If the price for a good is set too low.

Front

A price floor is when

Back

the government sets a minimum price of a good.

Front

On a supply and demand graph, one can find the equilibrium price by locating

Back

where demand and supply cross.

Front

What causes a producer surplus?

Back

If the price of a good is set too high.

Front

The law of supply says

Back

producers will supply more when prices increase.

Front

Which factors can change (shift) supply or demand?

Back

All of the above.

Front

A price ceiling is when

Back

the government sets a maximum price for a good.