Supply and Demand

What is the concept of voluntary exchange in markets?

• Buyers and sellers willingly decide to make a transaction

• Buyers and sellers are forced to make a transaction

• Buyers and sellers are not allowed to make a transaction

• Buyers and sellers are unaware of the transaction

What happens to the quantity of strawberries bought when the price goes up?

• Buyers buy more strawberries

• Buyers buy less strawberries

• Buyers buy the same amount of strawberries

• Buyers stop buying strawberries

Tags

CCSS.8.EE.B.5

What happens to the supply of strawberries when the price goes up?

• Farmers produce more strawberries

• Farmers produce less strawberries

• Farmers produce the same amount of strawberries

• Farmers stop producing strawberries

What is the price and quantity called when supply equals demand?

• Equilibrium price and equilibrium quantity

• Surplus price and surplus quantity

• Shortage price and shortage quantity

• Market price and market quantity

What external force can shift the supply and demand curves?

• Changes in weather

• Changes in government policies

• Changes in consumer preferences

• Changes in technology

Why is an unregulated market for human kidneys problematic?

• It leads to unfair distribution of kidneys

• It increases the supply of kidneys

• It decreases the demand for kidneys

• It promotes altruistic donations

What do economists generally support to increase the supply of donated kidneys?

• Creating kidney exchanges

• Banning kidney donations

• Increasing the price of kidneys

• Limiting the number of kidney transplants

What caused the dramatic fall in gas prices in 2014?

• Decreased demand and increased supply

• Increased demand and decreased supply

• Increased demand and increased supply

• Decreased demand and decreased supply

What do economists consider the interaction of supply and demand as?

• Laws

• Theories

• Hypotheses

• Principles

What influences supply and demand in markets?

• Human actions

• Natural forces

• Government regulations

• Economic theories