Supply & Demand Middle School

Which condition would lead to the highest prices?

• Low supply, high demand
• high supply, high demand
• High supply, low demand
• Low supply, low demand

Which of these is neither a good nor a service?

• A gallon of gasoline
• A piano lesson
• A meal at a restaurant
• A $20 bill

According to the laws of supply and demand, when will companies produce more of a product?

• When the price people will pay for it goes down
• When demand decreases
• When they can sell it for a higher price
• When the economy turns downward

Why do prices go down when consumers start saving their money?

• Consumers become less willing to spend money on goods and services
• Manufacturers start producing fewer products
• Demand for currency goes up as people begin saving
• Demand for goods begins to outpace supply

When supply and demand intersect on the graph it is called?

• demand curve
• equilibrium point
• elasticity
• supply curve

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

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

What a business has left after all the bills have been paid?

• supplies
• taxes
• profit
• debt

If there was a flood in the tomato fields, what would it effect and how?

• Supply goes up
• Supply goes down
• Demand goes up 
• Demand goes down

Lowering the price of eggs will result in?

• supply goes down
• supply goes up
• demand goes down
• demand goes up