The law of demand states that if the price of CD’s rise, consumers will

Quantity demanded will not change

The United States imports many cars from Japan. Suppose that the price of material(s) that Japan uses in making cars declines. What is the INITIAL (first) effect this will have on the Japanese car manufacturers?

The input costs of Japanese made cars in the US will decrease

The input costs of Japanese made cars to the US will increase

The quantity supply of Japanese made cars sold in the US will decrease

The quantity demand of Japanese made cars sold in the US will decrease

Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer. What happens to the market for gasoline?

Demand for gasoline will increase

Demand for gasoline will decrease

Demand for gasoline will stay the same

In an attempt to increase the production of oil and gasoline, Congress and the President have given the okay to drill in the Alaskan Arctic Preserve. What happens to the market for gasoline?

Supply for gasoline will increase

Supply for gasoline will decrease

Supply for gasoline will stay the same

Which statement expresses a central idea of how the laws of supply and demand work?

Prices are determined by the interaction of producers and consumers.

The government sets the prices for goods and services.

Consumers alone determine the prices for goods and services.

Technology dictates the prices charged for goods and services.

Mr. Williams goes to the ticket booth to buy tickets for an Atlanta Braves game. Mr. Williams is told that the game is sold out and no tickets are available. Which best explains why there are no baseball tickets available?

The demand for tickets was greater than the supply.

The arena forgot to print enough tickets.

The supply of tickets was greater than the demand.

The arena charged too much money for each ticket.

When companies compete in a market economy, what is usually the result?

Consumers are able to buy goods for the best available price.

People pay much higher prices for goods.

There are frequent shortages of goods on the market.

Producers refuse to sell some of their products.

Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise. What is likely to happen to the price of the sneakers over the next several weeks?

The price of the sneakers will rise as more people want similar sneakers.

People will refuse to buy these sneakers.

The price for the sneakers will not change.

The price will fall as people learn Lebron James wears them.

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.

What are the determinants of demand?( Select all that apply)

Change in consumer expectations

Which of the following is a determinant of supply.

Change in producer expectations

When prices change, how is that reflected on a given supply or demand curve?( Select all the correct answers)

When prices go down the Supply curve moves to the left

When prices go up the demand curve moves to the right

When prices go up the Supply curve moves to the left

When prices go down the demand curve moves to the right

The difference between a good and a service is that:

Goods are tangible and services are not

Goods are available in unlimited quantaties and services are not

Services are available in unlimited quantaties and goods are not

goods help satisfy unlimited wants and services do not

Part of the reason that LeBron James earns millions of dollars each year while school teachers may earn $30,000 is because…

consumers enjoy basketball to the point that they are willing to spend lots of money and time attending games and watching commercials.

the supply of superstar basketball players is low, while the supply of competent teachers is much larger.

demand for LeBron James' talents is very high since he can generate so much revenue for a firm.

Law of Supply and Demand

Authored by Carmen James

Business

10th - 12th Grade

CCSS covered

Used 65+ times

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56 questions

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MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

Change in cost of production

Changes in number of producers

Changes in expectations

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The market equilibrium price is the price at which

surpluses depress the number of goods supplied

shortages and surpluses will have no effect on the market

the government will not intervene in the market

the quantity demanded is the same as the quantity supplied

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the Equilibrium Price?

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When there is a shortage the price will usually?

rise

fall

remain the same

equilibrium

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods that are bought and used together are

complementary goods

substitute goods

income goods

unrelated goods

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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.

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Law of Supply and Demand

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?

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

The market equilibrium price is the price at which

What is the Equilibrium Price?

When there is a shortage the price will usually?

Goods that are bought and used together are

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

The diagram represents a

The Law of Demand says that price and quantity have a(n)

Inferior goods react ___________ to income shifts.

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