Unit 2 Study Guide Game

Which statement describes the law of demand?

• As prices rise, quantity demanded decreases

• As prices rise, demand decreases.

• As prices fall, quantity demanded decreases.

• As prices fall, demand decreases.

Which is an example of the Law of Demand at work?

• The price of the pizza goes up when the price of cheese goes up.

• Demand for pizza goes down when tacos become more popular

• The price of pizza falls when the demand for pizza falls

• Demand for pizza rises when the price of pizza falls

What causes a shift in the demand curve?

• A decrease in price

• An increase in price

• A change in an area other than price

• A change in price and availability

The diagram represents a

• increase in demand

• decrease in demand

• change in quantity demand

• none of the above

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

The desire or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

This type of business is owned by two or more people.

• Sole Proprietorship

• Partnership

• Corporation

• Franchise