Supply, Demand, & Market Equilibrium

When quantity supplied and quantity demanded is equal

• surplus
• shortage
• equilibrium
• law of demand

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

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

If the price of printers goes down, what happens in the market for ink cartridges?

• Supply increases.

• Supply decreases.

• Demand increases.

• Demand decreases

If a price is below the equilibrium price it creates a...

• shortage
• surplus 
• market price 
• supply

New robot technology increases productivity of car producers. What happens to market for cars?

• Supply shifts left

• Supply shifts right

• No change in supply

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

If the supply curve on this graph represents iPhones, what would cause the change from S to S1 (red to purple line)?

• An increase in computer chips

• An increase in the cost of producing an iPhone

• Employees figure out a way to work more efficiently

• The price of iPhones increases

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.