Supply and Demand Checkpoint

Front

The amount of a good producers are willing to sell at each possible price is called

Back

supply

Front

The law of supply says that as prices go _______________, producers will make ______________ or their product.

Back

up ..... more

Front

Label the curves in the graph. The supply curve is _______ and the demand curve is _______.

Back

red ..... blue

Front

Scenario causing change in quantity supplied from point C to D on supply curve?

Back

The price increased

Front

The amount of a good consumers are willing to pay at each possible price is called..

Back

demand

Front

The amount of money exchanged for a good or service is called the ...

Back

price

Front

What could cause a change in the quantity demanded for gas, from point A to point B?

Back

The price of gas decreased

Front

The point where supply and demand meet is called the ...

Back

equilibrium price

Front

If current production is shown by the green (x) on the supply curve, is there a shortage or a surplus?

Back

shortage