Supply and Demand

The desire or willingness a consumer has to purchase a good or a service is called?

• Shortage

• Supply

• Demand

• price

The amount of goods or services available is called?

• Supply

• Demand

• Producer

• Consumer

An individual or group who purchases goods.

• entrepreneur

• Producer

• Consumer

• Supplier

The point where supply and demand are balanced is?

• Balance price

• Center point

• demand elasticity

• equilibrium price

For the law of demand, as price rises, what happens to quantity demanded?

• it is not effected

• it goes up

• it goes down

• stays the same

For the law of supply, as price rises, what happens to quantity supplied?

• it is not effected

• it goes up

• it goes down

• it stays the same

If a price is above equilibrium price, it creates a...

• market price

• shortage

• surplus

• demand

If a price is below the equilibrium price it creates a...

• shortage

• market price

• surplus

• supply

What does this curve represent?

• Demand

• elastic demand

• supply

• shortage

What does this curve represent?

• supply

• demand

• equilibrium point

• surplus