Economics

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

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

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

When there is a shortage the price will usually? 

• rise

• fall

• remain the same

• equilibrium

When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 

• rise

• fall

• stay the same

• Consumer

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

• shortage

• consumer

• surplus

• equilibrium

Factors that cause the supply or demand to change are called?

• equilibrium

• shifter

• demand

• producer

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

An individual or group who purchases goods.

• producer

• consumer

• goods

• services