Supply and Demand Quiz Review

Which statement expresses a central idea of how the laws of supply and demand work?

• The government sets the prices for goods and services.
• Prices are determined by the interaction of producers and consumers.
• Consumers alone determine the prices for goods and services.
• Technology dictates the prices charged for goods and services.

Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 

• The arena forgot to print enough tickets.
• The supply of tickets was greater than the demand.
• The arena charged too much money for each ticket.
• The demand for tickets was greater than the supply.

Which situation is most likely to lead to the lowest prices?

• There is only one producer making the good.
• Businesses secretly agree to share their profits.
• Competition between businesses is prohibited.
• Several producers compete to sell goods to the public.

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

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

• it goes up
• it goes down
• it stays the same
• it is not effected

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

• it goes up
• it goes down
• it stays the same
• it is not effected

When quantity supplied and quantity demanded is equal

• surplus
• shortage
• equilibrium
• law of demand

Tags

CCSS.HSF-IF.C.7A

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus