Supply and Demand

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

When quantity supplied and quantity demanded is equal

• surplus
• shortage
• equilibrium
• law of demand

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

Goods that are bought and used together are 

• complementary goods
• substitute goods
• income goods
• unrelated goods

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

• The government sets the prices for goods and services.
• Prices are determined by the interaction of producers and consumers.
• Consumers alone determine the prices for goods and services.
• Technology dictates the prices charged for goods and services.

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

• demand goes up
• demand stays the same
• demand goes down
• none of the above

Amazon Prime is selling Smencils.  There are only a few packs left and they are very popular.  What will happen to the price?

• The price will go up.
• The price will go down.

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

• damand
• price
• producer
• shortage

In general, if the price of a good or service goes up, what happens to the demand for that good or service?

• demand goes up
• demand stays the same
• demand goes down
• none of the above

The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?

• The price will go up.
• The price will go down.