Supply and Demand

It's December in Michigan and many people need snow boots. There are not many boots available in stores. The supply for boots is ____?____.

• Low

• High

It's December in Michigan and many people need snow boots. There are not many boots available in stores. The demand for boots is ____?____.

• Low

• High

What is Supply?

• When there is not enough of something.

• what you give up in order to get what you want most.

• the amount of a good or service that is available.

• How much people want the good or service.

When summer comes it gets much hotter outside. During hot weather, the DEMAND for jackets would be __?__.

• High

• Low

Which of these best describes the law of demand?

• if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

• if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down

• there is no law of demand, each situation is unique and demand and prices cannot be predicted

• prices will go up for certain goods when quantity demanded goes up and vice versa

The graph represents which concept of demand

• Change in Price

• Decrease in Demand

• Change in Quantity Demand (Slide)

• Change in Demand (Shift)

The price of coffee increases and people switch to drinking tea. The determinant of demand is

• Income

• Price of Related Goods (Complements)

• Consumer Preferences/Tastes

• Price of Related Goods (Substitutes)

What is the only factor that causes a change in quantity demanded (Slide) along a demand curve?

• population

• income

• price

• tastes and preferences

The desire to have some good or service and the ability to pay for it

• supply

• equilibrium

• demand

• quantity demanded

Which of these shows a decrease in the quantity demanded?

• 
• 
• 
•