Supply & Demand Exit Ticket

For the law of demand, as price rises, what happens to quantity demanded?

• it goes up
• it goes down
• it stays the same
• it is not effected

For the law of supply, as price rises, what happens to quantity supplied?

• it goes up
• it goes down
• it stays the same
• it is not effected

When quantity supplied and quantity demanded is equal

• surplus
• shortage
• equilibrium
• law of demand

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

Supply is

• how much consumers are willing to  buy.

• how much a producer (a business) is  able and willing to make for sale to  consumers.

• the goods that are left over after a  sale.

• All of the above

If the store has 100 packs of toilet paper and 200 people want to buy it, is it a shortage or surplus?

• shortage

• surplus

If there is 50 donuts made and 40 people buy them, will there be a shortage or a surplus?

• shortage

• surplus

In the Victoria Housing Market, will a surplus or shortage occur at $400?

• Shortage

• Surplus

In the Victoria Housing Market the equilibrium price is _____ .