Supply and Demand Review

When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 

• rise
• fall
• stay the same
• Consumer

When the demand for a product or service is higher than the supply this causes what?

• shortage
• consumer
• surplus
• equilibrium

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

• shortage
• supply
• price
• demand

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

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.

The price at which the quantity demanded by consumers equals the quantity suppled by the producers is know as what?

• Competition
• The Law of Supply
• The Law of Demand
• The Equilibrium Price

According to the laws of supply and demand, when will companies produce more of a product?

• When the price people will pay for it goes down

• When demand decreases

• When they can sell it for a higher price

• When the economy turns downward

Use this diagram to identify which of the following would cause consumers to demand fewer slices of pizza.

• an increase in the supply of pizza slices

• a decrease in the supply of tacos

• an increase in the price of pizza slices

• a decrease in the price of pizza slices

How many slices of pizza per day would you expect a pizzeria in this market to sell if it were pricing its slices at $3.50

• 150

• 175

• 200

• 225

Which of the following is the likely result of a successful advertising campaign for a video game?

• A supply curve that has shifted to the right

• A supply curve that has shifted to the left

• A demand curve that has shifted to the right

• A demand curve that has shifted to the left