Supply and Demand

This is the term for the amount of goods producers will provide for the market

• Demand

• Supply

This is the term for the amount of goods and services people want to purchase at a given price.

• Demand

• Supply

Which of the following is a substitute good for pencils?

• Erasers

• Pens

• Paper

• Calculators

Which of the following is a complementary good for peanut butter?

• Hot dogs

• Jelly

• Ham

• Turkey

According to the law of demand, what happens to demand when prices go up?

• Demand would go up

• Demand would go down

• Demand would stay the same

According to the law of demand, what happens to demand when prices go down?

• Demand would go down

• Demand would go up.

• Demand would stay the same.

Why does the price of wrapping paper goes up during the month of December and then the price drops drastically in January?

• The supply of wrapping paper decreases in December.

• The supply of wrapping paper increases in December.

• The demand for wrapping paper increases in December.

• The demand for wrapping paper decreases in December.

A hurricane rages through Florida, destroying the orange crops in Florida. What will happen to the price of oranges after the hurricane?

• The price of oranges should rise

• The price of oranges should fall

• The price of oranges should stay the same

• The price of oranges will be free

What kind of curve is this?

• Supply curve

• Demand Curve

• Production Possibility Curve

• Flat Curve

What kind of curve is this?

• Supply Curve

• Demand Curve

• Production Possibility Curve

• Flat Curve