Supply and Demand

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.

 If the price of a good or service increases, what will happen to the demand for it?

• increase

• decrease

• stay the same

• nobody knows

Equilibrium is 

• when there is a surplus

• when there is a shortage

• when there is both a surplus and a  shortage

• when the producer and the consumers  agree on a price

is when there is not enough of a good to meet  demand. 

• surplus

• shortage

• equilibrium

• none of the above

What does this curve represent?

• demand

• supply

• equilibrium

• shortage

What does this curve represent?

• supply

• equilibrium

• demand

• surplus

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

• The price will go up.

• The price will go down.

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