Supply, demand, & equilibrium

Supply, demand, & equilibrium

Multiple Choice

The Law of Supply states that when price goes up, supply...

• goes up

• goes down

• stays the same

• goes away

Multiple Choice

The law of demand states that when price goes up, demand...

• goes up

• goes down

• stays the same

• goes away

How do supply and demand work to determine price and quantity produced?

• When you graph supply and demand on the same chart, there is a point where they intersect

Open Ended

What do you think might happen if there is a shortage of a necessity, like water during a hurricane?

Poll

Do you think the government should intervene to make sure that all people have access to basic necessities?

• Always

• Never

• Sometimes

Multiple Choice

If the government lets producers and consumers set prices, but intervenes to make sure that basic necessities are available to all people, what type of economic system is that?

• Market

• Command

• Mixed

• Industrial

Multiple Choice

If the government helped the businesses so they could help the people, it is an example of what type of mixed economy?

• Keynesian

• Supply-side

Multiple Choice

If the government helped the people directly, what type of mixed economy?

• Keynesian

• Supply-side