Supply and Demand

The want or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

The amount of goods or services available for a producer to sell is called?

• supply
• demand
• producer
• consumer

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

If a price is below the equilibrium price it creates a...

• shortage
• surplus 
• market price 
• supply

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

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

The latest model of a cell phone is released, what happens to demand?

• It will shift to the right

• It will shift to the left

• It won't shift

• The price will go down