Supply and Demand Review

The law of demand states that there is an inverse relationship between price and quantity.  This means that consumers are willing to purchase more quantity at ________ prices.

• Higher

• Lower

• Equal

• Unequal

If the price of Iphones, a substitute for Samsung phones, increases. what will happen to the demand for Samsung phones?

• demand for Samsung phones will increase

• demand for Samsung phones will stay the same

• demand for Samsung phones will decrease

• demand for Samsung phones will disapear

There's a hurricane coming in the forecast for Florida. You live in Florida and want to buy toilet paper. What will happen to the price for toilet paper?

• decrease

• stay the same

• go away

• increase

You own a business making LED lighting. If the cost halogen, a key component, increases, the supply curve for LED lights will ________________.

• stay the same

• shift left

• shift right

• shift up

What is the relationship between quantity demanded and supplied at Equilibrium?

• quantity demanded increases beyond quantity supplied

• quantity demanded is greater than quantity supplied

• quantity demanded is less than quantity supplied

• quantity demanded equals quantity supplied

There is a surplus of chickens on the market right now. The relationship between supply and demand will be ___________

• supply is greater than demand

• demand is greater than supply

• equal

• truly messed up

The equilibrium price for a chicken is _____

• $8.00

• $4.00

• $6.00

• $10.00

• too much

A Surplus is located at ___

• A

• B

• C

• D

• E

The Supply Curve is located at ___

• A

• B

• C

• D

• E

If the price of chickens drops to $4.00, this will create ____________

• a surplus of chickens

• a shortage of chickens

• mass hysteria

• equilibrium in the chicken market