Supply and Demand Review

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

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.

Few farmers have ripe cherries to sell. The supply of cherries is low. But many customers at the market want to buy cherries.The demand for cherries is high.  What will happen to the price of the cherries?

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

if the cost of a raw material goes up, we expect the supply to go up.

• True

• False

Consumers read a study showing using pens makes your writing neater

• Demand shift left

• Demand shift right

• Supply shift left

• Supply shift right

Price of pencils, a substitute good, increases

• Demand for pens shift left

• Demand for pens shift right

• Supply of pens shift left

• Supply of pens shift right

More sellers begin selling pencils

• Demand shift right

• Demand shift left

• Supply shift right

• Supply shift left

Sellers expect pen profits to increases NEXT month. Today...

• Demand for pens shift left

• Demand for pens shift right

• Supply of pens shift right

• Supply of pens shift left