Supply and Demand

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

If the price of printers goes down, what happens in the market for ink cartridges?

• Supply increases.
• Supply decreases.
• Demand increases.
• Demand decreases

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

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

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

Tags

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

The using up of a resource

• scarcity
• supply
• services
• consumption