Supply and Demand

When quantity supplied and quantity demanded is equal

• surplus
• shortage
• equilibrium
• law of demand

Tags

CCSS.HSF-IF.C.7A

Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?

• Prices or availability of substitutes
• Prices or availability of complementary goods
• Change in the weather or season
• Change in the number of buyers

Which of the following is likely to increase the demand for peanut butter?

• Fewer children in the population
• News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
• A big increase in the price of jelly.
• A report from the Surgeon General of the United States that eating peanut butter makes people nutty.

What is the Equilibrium Price?

• 1
• 2
• 3
• 4

Why does the government place price ceilings on some "essential" goods?

• to prevent inflation during to reduce supply for these goods
• to keep business people from making large profits
• to keep the goods from becoming too expensive
• to reduce demand for these goods

Equilibrium in a market means which of the following?

• the point at which quantity supplied and quantity demanded are the same
• the point at which unsold goods begin to pile up
• the point at which suppliers begin to reduce prices

Which of the following is another name for excess supply?

• shortage
• surplus
• equilibrium
• disequilibrium

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

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

The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?

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

Tags

CCSS.HSF-LE.A.1B

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