Supply and demand review

Turkeys for Thanksgiving are raised on poultry farms. If the Bird Flu hits and kills most of the turkeys, ​ (a)   and the ​ (b)   .

• supply goes down
• price goes up
• supply goes up
• demand goes down
• demand goes up
• price goes down

Starbucks decided to start selling pumpkin spice lattes again. Because of this, the ​ (a)   and the ​ (b)   .

• supply goes down
• price goes up
• supply goes up
• demand goes down
• demand goes up
• price goes down

We rely on Hawaii to provide pineapples for us to eat. After the wildfire in Maui, Hawaii, the ​ (a)   and the ​ (b)   .

• supply goes down
• price goes up
• supply goes up
• demand goes down
• demand goes up
• price goes down

House: Goods or Service?

• Goods
• Service

iPhone: Goods or Service?

• Goods
• Service

Lucas fixes his friend's sink.  He is providing a _____________.

• trade
• opportunity cost
• product
• service

Lucas fixes his friend's sink.  He is providing a _____________.

• trade
• opportunity cost
• product
• service

According to the laws of supply and demand, when will companies produce more of a product?

• When the price people will pay for it goes down

• When demand decreases

• When they can sell it for a higher price

• When the economy turns downward

the price at which a good is bought and sold in a market equilibrium is called

• retail price

• equilibrium price

• discount price

• base price

A market is said to be in equilibrium when

• when demand is higher than the supply

• when demand is lower than the supply

• when the demand and supply quantities are equal

• when the supply is doubled the demand