Supply and Demand

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

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

• demand

• 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

Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?

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

An individual or group who purchases goods.

• producer
• consumer
• goods
• services

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

A group of buyers and sellers of a particular good or service

• Supply

• Demand

• Agency

• Market

Physical items that you can touch and see are called:

• Goods
• Needs
• Services
• Wants

A market is said to be in equilibrium when

• when demand is higher than the supply

• when demand is lower than the supply

• when the demand and supply quantities are equal

• when the supply is doubled the demand

Which condition would lead to the highest prices?

• Low supply, high demand

• High supply, high demand

• High supply, low demand

• Low supply, low demand