Supply and Demand

Which of the following is the likely result of a successful advertising campaign for a video game?

• A supply curve that has shifted to the right

• A demand curve that has shifted to the right

• A supply curve that has shifted to the left

• A demand curve that has shifted to the left

When the supply of a product or service goes up and the demand stays the same, the price will typically do what?

• Rise

• Stay the same

• Fall

• Hit equilibrium

When the demand for a product or service is higher than the supply, what occurs?

• Shortage

• Surplus

• Consumer

• Equilibrium

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

• Demander

• Producer

• Customer

• Creator

The desire or willingness a consumer has to purchase a good or service is called?

• Shortage

• Options

• Supply

• Demand

The amount of goods or services available is called?

• Supply

• Demand

• Producer

• Consumer

What is the point where supply and demand are balanced?

• Product

• Surplus

• Demand

• Equilibrium

What is the law of demand?

• When prices rise, demand goes down

• When prices rise, demand rises

• When prices rise, demand doesn't change

• There is no correlation between price and demand

What is the law of supply?

• The higher the price, the less the quantity supplied

• The higher the price, the greater the quantity supplied

• The higher the price, the quantity supplied stays the same

• There is no correlation between price and quantity

If there is an oversupply of oil due to increased production, which way does the supply curve shift?

• No shift

• Left

• Right