UNIT Three Review

A Shortage is when

• Supply > Demand

• Quantity Demanded > Quantity Supplied

• Quantity Supplied > Quantity Demanded

Monopolies are _______ in the United States

On a Supply and Demand Graph the Demand Line always goes

• upward
• downward
• sideways
• diagonal

On a Supply and Demand Graph the Supply line always goes

• upwards
• sideways
• downwards

If Quantity Demanded is 30 and Quantity Supplied is 50 I have a

• equilibrium
• surplus
• shortage
• excess

If Quantity Demanded is 100 and Quantity Supplied is 75 I have a

• surplus
• shortage
• equilibrium
• excess

Which country has the largest GDP in the world

• China
• India
• Germany
• United States

Which country has the 2nd largest GDP in the World

• China
• Japan
• India
• United States

When Supply and Demand are equal that is called a

• balance
• disruption
• inequality
• equilibrium

A monopoly has

• One Firm

• Two Firms

• Two or More Firms