Review Supply and Demand

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

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

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

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

Term for a direct relationship (as price increases, quantity also increases)

• Supply

• Demand

If Nike doubles the prices of their sneakers, what will happen to demand?

• Increase

• Decrease

Price causes Supply to shift

• True

• False

What is the law of supply?

• The lower the price, the larger the quantity produced.

• A smaller the quantity will be produced because the price is higher.

• The lower the price, the smaller the quantity produced.

• Price doesn’t affect the manufacturers production of a good.

If Ben&Jerry's hires 500 new employees and creates a new factory, what will happen to supply?

• Increase

• Decrease