Unit 8 Review- Supply and Demand

When the demand curve shifts to the left, this suggests demand has

• increased

• decreased

• Quantity demanded has increased

• Quantity demanded has decreased

When the demand curve has shifted to the right, this suggests demand has

• increased

• decreased

• quantity demanded has increased

• quantity demanded has increased

When price increases, quantity demanded

• increases

• decreases

• supply would decreases, not quantity supplied

• supply would increase, not quantity supplied

If input costs increase, what will a producer have to do to avoid losing revenue?

• Raise price

• Lower Price

• Decrease supply

• Increase supply

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

• The supply will probably go up

• The supply will probably go down

According to a recent newspaper story, more Americans own dogs than ever before. As a result, ten new companies start making and selling dog food. What will probably happen to the overall supply of dog food?

• The supply will probably go up.

• The supply will probably go down.

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

• Supply
• Demand
• Agency
• Market

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