Supply and Demand

If a price is above equilibrium price, it creates a...

• shortage
• surplus
• market price
• demand

If a price is below the equilibrium price it creates a...

• shortage
• surplus 
• market price 
• supply

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

A shortage of a good is often a signal for a producer to 

• lower production of that good.
• lower the prices of that good.
• raise the prices of that good.
• shift production to another good.

A byproduct of producing cars is scrap metal. If the price of cars increase. What happens to the market for scrap metal?

• Supply shifts right
• Supply shifts left
• No change in supply

An increase in the price of aspirin is likely to be paired with a(n) ___________________ in the demand for Tylenol because the two goods are __________________.

• increase; complements
  
• increase; substitutes 
•  decrease; complements 
•  decrease; substitutes

Any price where the demand and supply are not equal is referred to as?

• surplus
• market equilibirum
• market disequilibrium
• none of the above

How would a decrease in the supply of iPads be shown on a supply and demand model?

• The supply curve would shift right.
• The supply curve would shift left.
• Movement along the supply curve to the right.
• Movement along the supply curve to the left.

If the price of printers goes down, what happens in the market for ink cartridges?

• Supply increases.
• Supply decreases.
• Demand increases.
• Demand decreases