Supply and Demand Review

The desire to have a good or service and the ability to pay for it.

• Law of Demand

• Demand

• Law of Supply

• Quantity Demanded

If you want a good or service, but you cannot afford it, are you actually in demand for it?

• Yes

• No

In regards to the law of demand, is the following statement true or false?

As prices decrease, quantity demanded increases.

• True

• False

A listing of how much of an item an individual is willing to purchase at each price.

• Market Supply Schedule

• Supply Schedule

• Demand Schedule

• Market Demand Schedule

A demand schedule is a ____ column table that follows a predictable format.

• 4 (Four)

• 2 (Two)

• 7 (Seven)

• 3 (Three)

The left side of a supply/demand schedule lists __________.

• Various prices of a good or service

• Quantity demanded/supplied of the good or service at each price.

Quantity Demanded and price have an inverse relationship.

• False

• True

Gathering and evaluating information about customer preferences.

• Market Supply

• Market Demand

• Super Market

• Market Research

The y-axis of a graph represents _______, in terms of graphing a demand/market demand curve.

• Quantity Demanded

• Price

• Demand Research

• Price Demanded

What are the two patterns that have been identified to explain why consumers demand more goods/services at lower versus higher prices?

• Consumer Effect

• Income Effect

• Substitution Effect

• Technology Effect