Unit 3 review

Front

Why are there no basketball tickets available for the Cavs game? Options: The arena forgot to print enough tickets., The supply of tickets was greater than the demand., The arena charged too much money for each ticket., The demand for tickets was greater than the supply.

Back

The demand for tickets was greater than the supply.

Front

The desire or willingness a consumer has to purchase a good or a service is called?

Back

demand

Front

The amount of goods or services available is called?

Back

supply

Front

An individual or group who purchases goods.

Back

consumer

Front

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

Back

The demand will probably go up

Front

What will happen to the price of baby cribs if there is a large increase in the number of babies born?

Back

The price will increase

Front

What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?

Back

The price will increase

Front

What will happen to the price of apple juice if millions of people see a famous sports star drinking it on television and fans think it helps make the athlete strong?

Back

The price will go up.

Front

What is the equilibrium price in this graph?

Back

$1.50

Front

What happens if there is surplus?

Back

Sellers offer their products by lowering the price