Demand and Supply intro

You have demand for a product if you:

• Desire it
• Want it, but also are willing and able to buy it
• Like the way it looks...yuh
• If the price is right

According to the law of demand, if there is a price increase for waffles, then the quantity demanded of waffles will _______

• Increase
• Decrease
• Stay the same
• none of the above

According to the Law of Supply, if there is a price increase for waffles, then the quantity supplied of waffles will __________

• Increase
• Decrease
• Stay the same
• none of the above

According to the Law of Supply, if there is a price decrease in bottled water, then then quantity supplied of bottled water will ________

• Increase
• Decrease
• Stay the same
• none of the above

According to the Supply Schedule you see here, what would happen if price decreased from $20 to $14?

• Supply decreased
• The quantity supplied decreased from 10 to 4. 
• Demand increased
• none of the above

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What is the difference between DEMAND and Quantity demanded?

• Quantity demanded is the specific number of products people will buy at a specific price
• Demand represents the entire curve, or demand schedule. 
• All of the above

According to this demand curve, how many movie videos will be demanded at a price of $10?

• 400
• 600
• 800
• 1000

According to this demand curve, if the price of movie videos increases from $14 to $16, the quantity demanded will

• fall from 600 to 400
• rise from  400 to 600
• fall from 400 to 200
• rise from 200 to 400