Supply and Demand Check

When the price rises, what happens to the supply and demand?

• Surplus

• Curve shift to the right

• Shortage

• Curve shift to the left

Draw the supply and demand graph for this situation: The amount of people buying Labubus increases

Answer explanation

When the amount of buyers in a market increases, that will INCREASE demand.

What does the "C" in C.E.N.T.S stand for?

• Challenges to entry

• Cost of Input

• Creating goods

• Competition

The amount of a good or service that consumers are willing and able to buy

• goods
• service
• supply
• demand

What is NOT a factor of supply curve shift?

• Subsides and taxes

• Number of sellers

• Income changes

• Cost of inputs

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

• shortage

• surplus

When the price falls, what happens to the supply and demand?

• Surplus

• Curve shift to the right

• Shortage

• Curve shift to the left

What does the "N" in P.I.C.E.N. stand for?

• Negative Impact

• Nosferatu

• Not Enough People

• Number of Buyers

Draw the supply and demand graph for this situation: The price of raw materials for car parts decreases

Answer explanation

When the price of raw materials DECREASES, suppliers can make more goods, INCREASING supply.

The amount of a good or service that producers are willing and able to sell

• goods
• service
• supply
• demand