Unit 6 Test

Read the following situation to determine what the outcome would be:

A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions? 

• The price will remain the same.
• The price will rise.
• The price will fall.

Read the following situation to answer the question:

The yeast needed to to make whole wheat bread rises sharply in price. What will happen to the price of whole wheat bread?

• The price will rise.
• The price will stay the same.
• The price will fall.

The price at which the quantity demanded by consumers equals the quantity suppled by the producers is know as what?

• Competition
• The Law of Supply
• The Law of Demand
• The Equilibrium Price

This term refers to how much of a good or service consumers are willing to buy at a particular price.

• Demand
• Compettition
• Supply
• Equilibrium Price

If the price of a good is ________________ than the equilibrium price, the supply of the good will be greater than the quantity of goods demanded.

• Lower 
• Higher
• Supply
• Resources

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.

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

• shortage
• consumer
• surplus
• equilibrium

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

• shortage
• supply
• price
• demand

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?

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