Supply Demand and Price

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

For the law of supply, as price rises, what happens to quantity supplied?

• 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 above equilibrium price, it creates a...

• shortage

• surplus

• market price

• 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

Supply is

• how much consumers are willing to  buy.

• how much a producer (a business) is  able and willing to make for sale to  consumers.

• the goods that are left over after a  sale.

• All of the above

What does the law of demand say

• consumers will buy less of something  when the price goes down

• consumers will buy more of something  when price increases. 

•  consumers will buy more of something  when prices decrease.

• None of the above.

Supply and demand determine

• needs and wants

• all goods produced

• the price for a good or service

• All of the above