Supply and Demand Checkpoint

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

• opportunity cost

• supply

• scarcity

• demand

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

• up ..... less

• down ..... more

• up ..... more

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

• red ..... blue

• blue .... red

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

• The demand decreased

• The price decreased

• The price increased

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

• supply

• opportunity cost

• equilibrium price

• demand

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

• down .... less

• down .... more

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

• supply

• demand

• opportunity cost

• price

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

• The price of gas increased

• The price of gas decreased

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

• price

• scarcity

• opportunity cost

• equilibrium price

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

• shortage

• surplus