Supply and Demand 2

When the demand for a product or service is higher than the supply this causes what?

• shortage
• consumer
• surplus
• equilibrium

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

An individual or group who purchases goods.

• producer
• consumer
• goods
• services

The point where supply and demand are balanced is?

• product
• demand
• surplus
• equilibrium

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 "Quantity"?

• Y-axis (vertical)

• X-axis (horizontal)

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

• Y-axis (vertical)

• X-axis (horizontal)

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

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