Supply and Demand Quiz

In our economy, people trade ____ and ____ for money.

• Goods, Services

• Supply, Demand

• Cost, Price

____ is how much of a product or service is available for people to purchase.

• Demand

• Supply

• Purchase

____ is how much of a product or service that people are willing to buy.

• Demand

• Inverse

• Supply

When supplies are low (a shortage), the price goes ____.

(Think of the toilet paper problem in 2020).

• Down

• Up

• Stays the Same

When supplies are up and there is a surplus, the price goes ____

• Down

• Up

• Stays the Same

The Amount of Goods Made Available by Producers.

• Demand

• Supply

Thousands of chickens die of a flu, and supplies of eggs become scarce. There is a SHORTAGE.

What will happen to the price?

• The price will go up, because demand is high and supply is low.

• The price will go down, because the demand is low and supply is high.

The latest iPhone is released, and only 100,000 are available.

People camp outside of the stores to get one the first day they come out.

There is a SHORTAGE of supply.

What happens to the price?

• The price will go up, because demand is high and supply is low.

• The price will go up, because the demand is high and supply is high.

On the day after Halloween, what will happen to the prices of costumes, candy, and decorations left over in the stores?

• The price will go down, because the demand is low and supply is high.

• The price will go up, because the demand is high and supply is high.

It starts to snow in San Jacinto. The snow lasts for several days.

People run to the stores to get snow shovels and winter coats.

What will happen to the prices of winter supplies?

• The price will go up, because demand is high and supply is low.

• The price will go down, because the demand is low and supply is high.