Supply and Demand

This curve demonstrates what idea?

• As price increases, quantity demanded goes up

• As price decreases, quantity supplied goes up

• As price increases, quantity supplied goes up

• As price decreases, quantity demanded goes down

This curve demonstrates what idea?

• As price increases, quantity demanded goes up

• As price decreases, quantity supplied goes up

• As price increases, quantity supplied goes up

• As price decreases, quantity demanded goes up

A point ON the curve could change if....?

• Price changes

• People's tastes or preferences change

• There is an increase in demand

• There is a change in tax structure

If the price of a good goes up, what will happen to quantity supplied?

• It will stay the same

• It will increase

• It will decrease

• Supply will change, not quantity supplied

What will happen to quantity demanded if the price goes down?

• It will stay the same

• It will increase

• It will decrease

• Quantity demanded won't change, demand will

What could cause the shift from D1 to D2?

• A change in preferences

• A change in price

• A change in quantity demanded

• A change in quantity supplied

This graph represents...?

• Changes in quantity demanded

• Changes in quantity supplied

• Changes in demand

• Changes in supply

This graph represents...?

• Changes in quantity demanded

• Changes in quantity supplied

• Changes in demand

• Changes in supply

If the supply curve on this graph represents iPhones, what would cause the change from S to S1 (red to purple line)?

• An increase in computer chips

• An increase in the cost of producing an iPhone

• Employees figure out a way to work more efficiently

• The price of iPhones increases

If Tom Brady unretires and wins a Super Bowl, what will happen to the demand curve for Tom Brady jerseys (in theory)?

• It will shift to the right

• It will shift to the left

• It won't shift

• The price will go down