12b Supply and Demand

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

What is equilibrium price?

• The price where supply and demand shift

• The amount of money on the X axis

• The price on the Y axis

• The price where supply and demand intersect

• A

• B

• C

• D

What is determined by the interaction of supply and demand?

What is true about demand?

• The amount producers are able to make

• Slopes downward

• Everyone can buy and sell at this price

• The amount consumers are able to buy

• Slopes upward

What is true about supply?

• The amount producers are able to make

• Slopes downward

• Everyone can buy and sell at this price

• The amount consumers are able to buy

• Slopes upward

According to the chart, how many cars are supplied at $50,000?

• 100

• 60

• 40

• 80

According to the chart, what would happen if the price drops from $1.50 to $.50?

• Pizza makers will make more money

• The cost of producing pizza will rise

• Not everyone will get pizza

• Everyone is able to have pizza

What is the equilibrium price?

• Equilibrium price: $10

• Equilibrium price: $30

• Equilibrium price: $15

• Equilibrium price: $20