Supply and Demand

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

• demand goes up
• demand stays the same
• demand goes down
• none of the above

Amazon Prime is selling Smencils.  There are only a few packs left and they are very popular.  What will happen to the price?

• The price will go up.
• The price will go down.

Tags

CCSS.HSF-LE.A.1B

The desire or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

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

• shortage
• consumer
• surplus
• equilibrium

When supply and demand intersect on the graph is called?

• demand curve
• equilibrium
• elasticity
• supply curve

According to the laws of supply and demand, when will companies produce more of a product?

• When the price people will pay for it goes down
• When demand decreases
• When they can sell it for a higher price
• When the economy turns downward

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?

• The price will go up.
• The price will go down.

What does this curve represent?

• supply
• equilibrium
• demand
• surplus