Chapter 10-12 ent

If you think demand for your product will be high you should _________ to the price?

• decrease

• increase

• keep the same

If the price of a product rises the suppliers will?

• want to increase supply

• want to increase demand

• want to supply less of it

• want to supply more of it

What is the equilibrium price of a product or service?

• the price at which the supplier wants to supply enough to meet consumer demand

• the price at which the consumers will buy the amount being supplied

• The point at which the supply and demand curve intersect

• all of the above

To reduce a surplus a business owner can?

• raise the price to increase demand

• raise the price to increase supply

• lower the price to increase demand

When the supply is greater than the demand the price of a product or service

• rises

• falls

• stays the same

The quantity of goods and services that customers are willing to buy at a specific price is called

• supply

• demand

• excess capacity

The quantity of goods and services that a business is willing to sell at a specific time is called?

• demand

• supply

• surplus

Which selection below does not make sense to the market economy?

• consumers seek higher prices

• consumers seek lower prices

• businesses want to make money

What is not true about competition between suppliers

• pushes prices downward

• encourages innovation

• pushes prices upward

What vocabulary terms means: cash and goods a business owns

• reputuation

• capital

• demand

• intellectual property