Supply and Demand Checkpoint

The amount of a good producers are willing to sell at each possible price is called

The law of supply says that as prices go _______________, producers will make ______________ or their product.

Take a look at the graph below. Label the curves by filling in the blanks. The supply curve is __________________ and the demand curve is _________________.

Which scenario below could cause a change in the quantity supplied to go from point C to point D on the supply curve?

The amount of a good consumers are willing to pay at each possible price is called..

The law of demand says that as prices go ________________, consumers buy _______________ of that product.

The amount of money exchanged for a good or service is called the ...

Which of the scenarios below could cause a change in the quantity demanded for gas, to go from point A to point B?

The point where supply and demand meet is called the ...

If current production is shown by the green (x) on the supply curve, is there a shortage or a surplus?