Supply and Demand

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

A change in quantity demanded is shown

• at various points on the demand curve
• with a new demand curve drawn above or below the original demand curve
• with a vertical line

A table that lists the quantity of a good that a single person will buy at each price in a market.

• demand schedule
• market demand schedule
• elasticity chart
• supply and demand graph

Generally speaking, the lower the price, the greater the quantity demand.

• True
• False

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

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

What happens to a supply curve when supply goes down?

• moves left

• moves rights

• moves up

• moves down

The number of units of a good or service produced and offered for sale at a specific price is known as

• Supply
• Quantity supplied
• Demand
• Quantity demanded

On the market demand and supply graph, the vertical axis shows

• demand.
• equilibrium.
• prices.
• quantity.