Supply and Demand

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

• demand goes up
• demand goes down
• demand stays the same
• none of the above

In general, if the price of a good or service goes up, what happens to the demand for that good or service?

• demand goes up
• demand goes down
• demand stays the same
• none of the above

In general, if the price of a good or service goes down, what happens to the supply for that good or service?

• supply goes up
• supply goes down
• supply stays the same
• none of the above

In general, if the price of a good or service goes up, what happens to the supply for that good or service?

• supply goes up
• supply goes down
• supply stays the same
• none of  the above

What determines what is produced?

• resources available and supply
• resources available and consumer preferences
• production and resources available
• consumer preferences and supply

What determines what is purchased in the marketplace?

• consumer preferences and supply
• consumer preferences and demand
• consumer preferences and price
• price, supply, and demand

What are the factors of production?

• capital, entrepreneurship, labor, price
• labor, natural, entrepreneurship, resources
• human, labor, capital, entrepreneurship
• natural, human, capital, entrepreneurship

What is required because of scarcity?

• demand
• choices
• limited resources
• opportunity cost

What determines price?

• interaction of cost and resources
• interaction of supply and demand
• interaction of resources and supply
• interaction of demand and resources

What does price determine?

• who acquires goods and services
• what will be produced
• how it will be produced 
• supply and demand