Supply & Demand

Which way does a supply curve slope?

• down
• up
• both
• neither

What is created when prices are too low?

• surplus
• shortage
• equilibrium price
• subsidy

What philosophy is being followed when prices are high and the demand is low?

• law of demand
• law of supply
• demand elasticity
• demand inelasticity

What happened to a supply curve when supply goes down?

• moves left
• moves rights
• moves up
• moves down

What is the perfect price for a supplier to sell a product & make sure it does not stay for long periods in the store?

• surplus
• shortage

• equilibrium price
• subsidy

If the government says a business cannot charge higher than $3.00 for gas what control did they just place, on the businesses?

• Subsidy
• equilibrium price
• price floor
• price ceiling

What is not a characteristics of price?

• familiar
• flexible
• neutral
• command

What determines price & quantity produced of goods?

• supply
• demand
• consumers
• supply & demand

What is a product, either in supply or demand, that changes price (up or down) to where you would still buy it no matter what?

• taxes

• subsidy

• inelastic

• elastic

What is quantity of a good or service that producers sell at a market price?

• supply
• demand
• law of demand
• law of supply