Supply and demand Review

Which graph below shows the SUPPLY CURVE?

• A
• B
• C
• D

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

When producers offer more of a good as its price increases and less as its price falls, this defines the

• law of demand

• law of supply

• change in demand

• change in supply

The amount for sale at any given price.

• Quantity Demanded

• Demand

• Supply

• Quantity Supplied

When you buy a game system and games together, this is an example of which economic concept?

• Complements

• Substitutions

• Elasticity

• Economics

When you buy a PlayStation instead of an X-Box because the price of the PlayStation went up, this is an example of what?

• Complements

• Substitutions

• Elasticity

• Economics

When economists look at supply and demand schedules and/or supply and demand curves, what are the only two variables examined?

• Price and Demand

• Price and Supply

• Price and Quantity

• Price and Equilibrium Point

What determines if an item's demand is elastic?

• If an item is on sale

• If an item continues to be bought, despite the rise in price

• If an item stops being bought because of a rise in price

• If an item is not on sale

A ____ is a chart or table showing quantities supplied at different possible prices.

• supply schedule

• supply curve

• market table

• profit graph