Economics Quiz

What is supply?

• the cost of something

• how much the buyers want

• how much the seller has

• the profit

What is it called when the supply and demand are balanced?

• Equilibrium

• even

• equal

• overhead

The higher the demand is on an item

• the less you should charge

• the more you should charge

• the more you should limit supply

when you choose to buy one thing over another, that is called

• opportunity cost

• profit

• scarcity

• assets

the money you make off of selling something

• profit

• demand

• scarcity

• supply

the desire to purchase someting

• debt

• demand

• scarcity

• profit

a limited supply is called

• profit

• scarcity

• surplus

• outlets

If there is a limited supply of something the cost goes

• up

• down

Before Easter the cost of Easter candy is?

• higher

• lower

• the same

• discounted

In Lemonade Stand the biggest determining factor for customer demand is

• price

• supply

• the temperature

• ice cubes