Demand and Supply

Demand is the desire consumers have for a good or service?

• True

• False

What is supply?

• Demand of goods

• The total amount of a good or service available for consumption

• Market Forces

• Profit

Prices can be influenced by the availability of products, the popularity of a product, or the state of the economy. These are examples of...

• Demand and Supply

• Market Forces

• The Law of Demand

• The Law of Supply

The Law of Demand is where a larger quantity is demanded when prices drop.

• True

• False

This states that the higher the price of a product, the higher the quantity that suppliers will want to produce and sell.

• The Law of Demand

• The Law of Supply

• The Law of Market Forces

• The Law of Price Mechanisms

The way price can affect the supply and demand of goods and services is known as the law of supply.

• True

• False

What happens to the quantity demanded of ice cream if the price decreases?

• Increases

• Decreases

What happens to the quantity supplied of strawberries if the price per kg ($) increases?

• Increases

• Decreases

In a demand curve graph, where do we label the price?

• Horizontal Axis

• Vertical Axis

• Top of the page

• Within the Demand Curve

If bananas increased in price per kg ($), would the demand of consumers buy more of it or less of it?

• More

• Less