The law of demand states that if the price of CD’s rise, consumers will

Quantity demanded will not change

The law of supply states that if the price of CD’s rise, suppliers will

Quantity supplied will not change

Which of the following is NOT a determinant of the supply of peanut butter?

The income of peanut butter consumers

The wages of peanut butter factory workers

Existing peanut butter making technology

Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?

Demand for gasoline will decrease

Demand for gasoline will increase

Demand for gasoline will stay the same

Costs of producing gasoline has increased due to rising energy costs. What happens to the market for gasoline?

Supply for gasoline will decrease

Supply for gasoline will increase

Supply for gasoline will stay the same

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

The supply will probably go down

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

The demand will probably go down

Summerfield's population has grown by 10,000 people per year for the last five years. What has probably happened to the overall demand for apartments in Summerfield?

The demand has probably gone up

The demand has probably gone down

Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store are reduced. What causes this change?

Prices or availability of substitutes

Prices or availability of complementary goods

Change in the weather or season

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

There is a change in cost of production.

The number of producers changes.

The expectations of consumers changes.

Which of the following best refers to the market equilibrium price?

The quantity demanded is the same as the quantity supplied.

Surpluses depress the number of goods supplied.

Shortages and surpluses will have no effect on the market.

The government will not intervene in the market.

Mr Coyote goes to the ticket booth to buy tickets for a Spurs game. Mr. Coyote is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available?

The demand for tickets was greater than the supply.

The arena forgot to print enough tickets.

The supply of tickets was greater than the demand.

The arena charged too much money for each ticket.

Which statement expresses a central idea of how the laws of supply and demand work?

Prices are determined by the interaction of producers and consumers.

The government sets the prices for goods and services.

Consumers alone determine the prices for goods and services.

Technology dictates the prices charged for goods and services.

Which situation is most likely to lead to the lowest prices?

Several producers compete to sell goods to the public.

There is only one producer making the good.

Businesses secretly agree to share their profits.

Competition between businesses is prohibited.

If the price of a substitute to good X increases, then

The demand for good X will increase.

The market price of good X will decrease.

The demand for good X will decrease.

The demand for good X will not change.

Refer to Graph 4-1. The movement from point A to point B on the graph shows

an increase in quantity demanded.

a decrease in quantity demanded.

What does the Latin phrase Ceteris paribus literally mean?

"after this therefore because of this."

"to respond slowly to a change in price."

"There's no such thing as a free lunch."

Demand and Supply Revision

Authored by Nicole Hopkins

Business

4th Grade

CCSS covered

Used 22+ times

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40 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This part of the market determines DEMAND

buyers

sellers

suppliers

store owners

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This part of the market determines SUPPLY

buyers

sellers

consumers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

it goes up

it goes down

it stays the same

it is not effected

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

it goes up

it goes down

it stays the same

it is not effected

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When quantity supplied and quantity demanded is equal

surplus

shortage

equilibrium

law of demand

If a price is above equilibrium price, it creates a...

shortage

surplus

market price

demand

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a price is below the equilibrium price it creates a...

shortage

surplus

market price

supply

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Demand and Supply Revision

This part of the market determines DEMAND

This part of the market determines SUPPLY

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

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

When quantity supplied and quantity demanded is equal

If a price is above equilibrium price, it creates a...

If a price is below the equilibrium price it creates a...

What does this curve represent?

What does this curve represent?

a person or company that makes, grows, or supplies goods to sell is called the?

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