Supply, Demand, & Market Equilibrium

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

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us

The point in the middle of the two curves represents or shows....?

• Market Equilibrium

• An increase in supply

• A shortage

• A surplus

Cost of steel increases. What happens to market for cars?

• Supply shifts left

• Supply shifts right

• No change in supply

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

• There is a change in cost of production.

• The number of producers changes.

• The expectations of consumers changes.

• The output rate declines.

Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?

• Prices or availability of substitutes
• Prices or availability of complementary goods
• Change in the weather or season
• Change in the number of buyers

If Tom Brady unretires and wins a Super Bowl, what will happen to the demand curve for Tom Brady jerseys (in theory)?

• It will shift to the right

• It will shift to the left

• It won't shift

• The price will go down

This graph represents...?

• Changes in quantity demanded

• Changes in quantity supplied

• Changes in demand

• Changes in supply

Which statement expresses a central idea of how the laws of supply and demand work?

• 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.

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