Supply And Demand

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

In a market graph, which axis is labeled with "Price"?

• Y-axis (vertical)

• X-axis (horizontal)

In a market graph, which axis is labeled with "Quantity"?

• Y-axis (vertical)

• X-axis (horizontal)

A year ago, there were 12 companies that made motorized scooters. But over the past month, 5 of those companies went out of business. What probably happened to the overall supply of motorized scooters?

• The supply probably went up.

• The supply probably went down.

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 up

• The supply will probably go down

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

• The demand will probably go up

• The demand will probably go down

Last year, taxes went up by $100 per person in

Dover. What probably happened to overall demand for goods and services in Dover?

• The demand probably went up

• The demand probably went down

There is only one gas station on a stretch of highway. Then two more gas stations open next to the first. Demand for gas does not change during this time. What will happen to the price of gas on this stretch of highway and why?

• The price of gas will decrease because there is more competition among businesses.
• The price of gas will decrease because there is less competition among businesses.
• The price of gas will increase because there is more competition among businesses.
• The price of gas will increase because there is less competition among businesses.

Which of the following could cause the price for automobiles to decrease?

• The local factory gives a big raise to its employees.
• None of the choices
• A brand new automobile dealership opens in town.
• The price of gasoline falls.