Supply and Demand

In a supply and demand graph, the point in which the supply line and demand line cross is called what?

• rise

• hop

• equilibrium

• fold

Demand is an economic principle that describes a consumers desire and willingness to pay a price for a specific

• surchage

• good or service

• limited resource

• expansion

Inflation refers to a general increase in prices and fall in the purchasing value of money.

• True

• False

What is known as the "basic economic problem" meaning that these goods/resources may not always exist?

• Supply

• Demand

• Scarcity

• Complementary Goods

An example of a complementary good would be Pepsi and Coca Cola.

• True

• False

If there is a drought in strawberries and more people want strawberries than there are available, there is a high ________ for strawberries.

• Demand

• Surcharge

• Quantity

• Additive

Which of these is not a real-world scarcity example?

• oil

• water

• space and time

• land

Inflation can occur when prices rise due to

• increases in production costs

• increases in wages

• increased cost of imported goods

• decrease in materials