A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

The supply will probably go down

According to a recent newspaper story, more Americans own dogs than ever before. As a result, ten new companies start making and selling dog food. What will probably happen to the overall supply of dog food?

The supply will probably go up.

The supply will probably go down.

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

When they can sell it for a higher price

When the price people will pay for it goes down

When the economy turns downward

Jennifer Lopez is seen wearing a new short and sleek dress . People now want this dress. Which demand determinant is this most likely to fall under?

Change in Price of Substitute Good

Change in Consumer Price Expectations

Oreo cookies are now extremely expensive to purchase. Instead of buying Oreo cookies , I now want to buy Chips Ahoy . What determinant of demand does this likely fall under?

Change in Price of Substitute Good

Change in Price of Complementary Good

Change in Consumer Price Expectations

Change in Number of Consumers in the Market

The government is giving every individual 18 and above an extra $1,000.00 this year. What determinant of demand does this likely fall under?

Change in Consumer Price Expectations

Change in Number of Consumers in the Market

McDonald's is having a special on their Big Mac purchases this week. Every Big Mac is $3 cheaper! When burger prices go down, this means you can buy more fries and a drink. What demand factor does this relate to?

Change in Price of Complementary Good

Change in Price of Substitute Good

Change in Number of Consumers in the Market

A brand new machine cooks, cleans, and never messes up a fast food order. This means we can sell more fast food than ever before, leading to producers cutting cost of fast food. Which supply factor does this most likely relate to?

Change in Profit Opportunities Producing other Products

Change in Producers' Price Expectations

Takis have been taking the market by storm! Everyone and their mom wants in on selling this delicious treats! Companies that never thought about selling Takis-like products are now selling their version of a hot chip. What supply factor is this?

Change in Number of Sellers in the Market

The government has put a ban on all items that are unhealthy. No store can legally sell soda over 24 ounces. The supply of anything over 24 ounces becomes non-existent. What supply factor is this?

Change in Cost of Factors of Production

Econ Unit 2

Authored by Charles Wilhelm

10th - 12th Grade

CCSS covered

Used 19+ times

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24 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Buyers and sellers make up the:

Supply

Demand

Agency

Market

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This part of the market determines DEMAND

buyers

sellers

suppliers

store owners

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This part of the market determines SUPPLY

buyers

sellers

consumers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For the law of demand, as price rises, what happens to quantity demanded?

it goes up

it goes down

it stays the same

it is not effected

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For the law of supply, as price rises, what happens to quantity supplied?

it goes up

it goes down

it stays the same

it is not effected

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When quantity supplied and quantity demanded is equal

surplus

shortage

equilibrium

law of demand

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

shortage

surplus

market price

demand

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Econ Unit 2

Buyers and sellers make up the:

This part of the market determines DEMAND

This part of the market determines SUPPLY

For the law of demand, as price rises, what happens to quantity demanded?

For the law of supply, as price rises, what happens to quantity supplied?

When quantity supplied and quantity demanded is equal

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

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

What does this curve represent?

What does this curve represent?

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