grade 9

What is the economic definition of demand?

• The total amount of a good or service available for consumption.

• The desire consumers have for a good or service.

• The number of producers selling a product.

• The price consumers are willing to pay for a product.

In economics, what does supply represent?

• The number of consumers wanting a product.

• The total revenue generated by a product.

• The total amount of a good or service available for consumption.

• The cost of producing a good or service.

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If there are many people who want to buy bananas but only a few are available, what will likely happen to the price of bananas?

• The price will decrease.

• The price will remain the same.

• The price will increase.

• The supply will immediately increase to meet demand.

When there is a large quantity of bananas available but fewer people wanting to buy them, what action might banana producers take?

• Increase the price to maximize profit.

• Keep the price the same and wait for demand to rise.

• Decrease the price to attract more buyers.

• Stop selling bananas altogether.