Supply & Demand Quick Review

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us

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

The diagram represents a

• increase in demand
• decrease in demand
• change in quantity demand
• none of the above

Goods that are bought and used together are 

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

Which of the following is likely to increase the demand for peanut butter?

• Fewer children in the population
• News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
• A big increase in the price of jelly.
• A report from the Surgeon General of the United States that eating peanut butter makes people nutty.

What does this graph show?

• Shortage
• Surplus
• Supply Table
• Equilibrium

What is the Equilibrium Price?

• 1
• 2
• 3
• 4