Supply and Demand Quiz

What does the Law of Demand state?

• If price goes up quantity supplied goes up and if price goes down quantity supplied goes down.

• if price goes up quantity demanded goes up and if price goes down quantity demanded goes down.

• if price goes up quantity demanded goes down and if price goes down quantity demanded goes up.

• if price goes up quantity supplied goes down and if price goes down quantity supplied goes up.

quantities offered at various prices by all firms that offer products for sale in a given market

• total product

• total cost

• supply

• market supply curve

When producers offer more of a good as its price increases and less as its price falls, this defines the

• law of demand

• law of supply

• change in demand

• change in supply

The willingness and ability of a producer to make a product is referred to as

• quantity supplied

• quantity demanded

• supply

• demand

Movement along a supply curve demonstrates

• a change in quantity supplied

• a change in quantity demanded

• a change in supply

• a change in demand

A shift in a supply curve demonstrates

• a change in quantity supplied

• a change in quantity demanded

• a change in supply

• a change in demand

Which of these demonstrates an example of a supply curve? (More than one answer)

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Which of the following supply curves demonstrates a decrease in the quantity supplied?

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A decrease in supply is demonstrated by which of the following?

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A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

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