Supply and Demand

What exists when quantity supplied is greater than quantity demanded?

• Surplus

• Shortage

• Overflow

• Mass outrage

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

Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...

• shortage

• surplus

• equilibrium

• supply

What happens to price when the market has a surplus

• price drops

• price stays the same

• price increases

• price triples

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

The diagram represents a

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

What does this graph show?

• Shortage
• Surplus
• Supply Table
• Equilibrium