Supply & Demand, Market Structure, Business & Labor

Which of the following describes the amount of a good producers are able and willing to sell at various prices during a certain period?

• Price
• Cost
• Supply
• Demand

Which of the following is the amount of a product a consumer is willing an able to purchase at given prices?

• Price
• Cost
• Supply
• Demand

Where the supply curve intersects the demand curve is called......

• shortage
• surplus
• equilibrium
• demand

What happens when there is an excess in demand?

• The price tends to rise.
• The price tends to fall.
• The quantity supplied tends to rise.
• The quantity supplied tends to fall.

What happens when there is an excess in supply?

• The price tends to rise.
• The price tends to fall.
• The quantity supplied tends to rise.
• The quantity supplied tends to fall.

Toothbrushes and toothpaste are examples of which of the following?

• Complementary goods
• Substitute goods
• Shift goods
• Raw goods

Which of the following measures the responsiveness of consumers to changes in price?

• Utility of demand
• Utility of supply
• Elasticity of demand
• Elasticity of supply

If the price of hamburgers rise, but the price of hot dogs remains the same, which are suppliers more likely to supply?

• Hamburgers
• Hot dogs

If the price of hamburgers rise, but the price of hot dogs remains the same, which are customers more likely to demand?

• Hamburgers
• Hot dogs

Customer willingness depends on which of the following?

• Advertising and promotion
• Prices and personal financial habits
• Inflation and currency conversion