Supply and Demand

What is the quantity of a good that producers are willing and able to sell at a given price?

• Quantity demanded

• Quantity supplied

• Price

• Equilibrium price

At equilibrium, what is the relationship between quantity demanded and quantity supplied?

• Equal

• Greater

• Less

• Undefined

What is the quantity of a good that consumers are willing and able to buy at a given price?

• Quantity demanded

• Quantity supplied

• Price

• Equilibrium price

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

• demand

• shortage

• supply

• price

The amount of a good or service that is available to consumers:

• supply

• demand

• service

• product

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

• The price will increase

• The price will decrease

When the demand for a product or service is higher than the supply this causes what?

• shortage

• surplus

• consumer

• equilibrium

When prices increase, the quantity demanded:

• decreases

• increases

• stays the same

If input costs increase, what will a producer have to do to avoid losing revenue?

• raise prices

• lower prices

• decrease supply

• increase supply

What is the relationship between supply and demand elasticity?

• They are unrelated.

• They are indirectly related.

• They are directly proportional.

• They are inversely proportional.