Supply and Demand (Review)

Front

When the supply of a product or service goes up and the demand stays the same, what will typically happen to the price?

Back

fall

Front

When the demand for a product or service is higher than the supply this causes what? (Options: shortage, consumer, surplus, equilibrium)

Back

shortage

Front

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

Back

demand

Front

The amount of goods or services available is called?

Back

supply

Front

What will happen to the price of apple juice if millions of people see a famous sports star drinking it on television and think it helps make the athlete strong?

Back

The price will go up.

Front

What will happen to the price of pumpkins on the day after Halloween?

Back

The price will go down.

Front

What will happen to the price of cherries if the supply is low and the demand is high?

Back

The price will go up.

Front

What will happen to the price of Smencils on Amazon Prime if there are only a few packs left and they are very popular?

Back

The price will go up.

Front

What will happen to the price of the tickets for the new Star Wars movie if all shows are sold out and many people want to buy tickets?

Back

The price will go up.

Front

Which statement expresses a central idea of how the laws of supply and demand work? Options: The government sets the prices for goods and services., Prices are determined by the interaction of producers and consumers., Consumers alone determine the prices for goods and services., Technology dictates the prices charged for goods and services.

Back

Prices are determined by the interaction of producers and consumers.