Worksheets4 & 5 Demand and Supply
Total questions: 20
Worksheet time: 17mins
What does this curve represent?
Supply
Demand
Equillibrium
Quantity
What does this curve represent?
Demand
Supply
Equilibrium
Shortage
A change in quantity demanded is shown...
at various points on the demand curve
with a new demand curve drawn above or below the original demand curve
with a vertical line
what is the name of the table that lists the quantity of a good that a single person will buy at each price in a market?
demand schedule
market map
elasticity chart
supply and demand graph
In economics, the term demand refers to the quantity of a good that people ...
will buy at one particular price over a long time period
would like to consume on a given date
will buy at many different prices at a particular time
would like to have available during a given time period
When the price of a good or service is high consumer demand will usually be ...
High
Unpredictable
Low
Average
The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is...
Supply
Quantity sold
Demand
Quantity demanded
The point where supply and demand are balanced is?
Product
Demand
Surplus
Equilibrium
When there is a shortage the price will usually?
Rise
Fall
Remain the same
Equilibrium
The law of demand states that there is what type of relationship between price and demand?
As price decreases demand decreases.
As price increases demand increases.
As price decreases demand remains the same.
As price increases demand decreases.
The law of supply states that there is what type of relationship between price and supply?
As price decreases demand increases.
As price increases supply decreases.
As price increases supply increases.
As price decreases supply remains the same.
An individual or group who purchases goods is a ...
Producer
Consumer
Customer
Service
Which of the following could cause the price for automobiles to decrease?
The local factory gives a big raise to its employees.
None of the choices
A brand new automobile dealership opens in town.
The price of gasoline falls.
If the cost of computers falls, then…
the demand for computers goes up.
the supply of computers goes up.
none of the choices
the demand for computers goes down.
If everyone WANTS a good/service, what is that?
High Demand
Low Demand
High Supply
Low Supply
