Demand and Related Concepts

As price for a good or service increases, ___________________ decreases. This is known as _______ ________ ____ ________________

• Supply

• Scarcity

• Demand

• The Law of Supply

• The Law of Demand

The amount that producers are willing to supply at a specific price point

• Quantity Supplied

• Demand Supplied

• Supply Demanded

• Supplied Quantity

As the price increases, quantity supplied increases

• True

• False

The law of demand states that as the price increases then 

• quantity demanded increases
• quantity demanded decreases
• demand increases
• demand decreases

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

• it increases

• it decreases

• it stays the same

• it is not affected

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

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

• it increases

• it decreases

• it stays the same

• it is not affected

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

A group of buyer and sellers of a particular good or service

• Supply
• Demand
• Agency
• Market

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us