Supply and Demand

Identify the cause of an increase in quantity supplied

• An increase in the price of the product

• A decrease in the price of the product

• An increase in the costs of production

• A decrease in the costs of production

Identify the impact an increase in the price would have on demand for cupcakes

• An increase in demand for cupcakes

• A decrease in demand for cupcakes

• An increase in the quantity demanded of cupcakes

• A decrease in the quantity demanded of cupcakes

Identify the graph that illustrates an increase in supply

• 
• 
• 
• 

Identify the graph that illustrates an increase in quantity demanded

• 
• 
• 
• 

Identify the graph that illustrates the impact of an increase in advertising

• 
• 
• 
• 

Identify the graph that illustrates the impact of a decrease in costs of production

• 
• 
• 
• 

Identify the cause of an increase in demand for pancakes

• An increase in advertising for pancakes

• An increase in the cost of producing pancakes

• Incomes of consumers decrease

• Pancakes become less desirable

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