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WorksheetsSupply & Demand
Total questions: 15
Worksheet time: 11mins
Name
Class
Date
1.
Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available?
a)
The arena forgot to print enough tickets.
b)
The supply of tickets was greater than the demand.
c)
The arena charged too much money for each ticket.
d)
The demand for tickets was greater than the supply.
2.
Local stores sell a particular pair of sneakers for $80. A picture of a basketball star Lebron James wearing these sneakers appears in all the local Ohio newspapers. The next day, sales for sneakers start to rise.
What is likely to happen to the price of the sneakers over the next several weeks?
What is likely to happen to the price of the sneakers over the next several weeks?
a)
People will refuse to buy these sneakers.
b)
The price for the sneakers will not change.
c)
The price will fall as people learn Lebron James wears them.
d)
The price of the sneakers will rise as more people want similar sneakers.
3.
Read the following situation to determine what the outcome would be:
A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions?
A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions?
a)
The price will remain the same.
b)
The price will rise.
c)
The price will fall.
4.
A new video game has just been released before the winter holiday season, when may families buy gifts. This is a video game that many children want. Many parents buy this video game system for their children. The price throughout December is $249.
What is most likely to happen to the price for this video game in January, when the most popular gift buying season is over?
What is most likely to happen to the price for this video game in January, when the most popular gift buying season is over?
a)
The price will go up for the new year then fall.
b)
Sellers will lower their prices when the demand for the video game slows.
c)
The price for the video game will remain at $249.
d)
The price will rise since since the games manufacturer will refuse to produce anymore.
5.
This term refers to how much of a good or service consumers are willing to buy at a particular price.
a)
Demand
b)
Compettition
c)
Supply
d)
Equilibrium Price
6.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
7.
What will happen to the price of T-Shirts if T-Shirt businesses now use machines that produce twice as many shirts in one hour?
a)
The price will increase
b)
The price will decarese
8.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
9.
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
a)
The price will go up.
b)
The price will go down.
10.
Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?
a)
The price will go up.
b)
The price will go down.
11.
Suppose you have a football trading card that everyone else has. Your friends probably won't give you much for it. The supply of that card is high, and the demand for it is low. What will happen to the price of that card.
a)
The price will go up.
b)
The price will go down.
12.
What happens if you have a rare football trading card? Your friends really want that card. The supply of that card is low, while demand for it is high. What will happen to the price of the card?
a)
The price will go up.
b)
The price will go down.
13.
The new Star Wars movie is coming out today! All of the shows are sold out, but your neighbor is selling his tickets because he can't go. A lot of people in your neighborhood want to buy the tickets. What will happen to the price of the tickets?
a)
The price will go up.
b)
The price will go down.
14.
If there is a huge demand for an item and the supply is very low, what will happen to the price?
a)
The price will decrease
b)
The price will increase
c)
The price will stay the same.
d)
They will be free.
15.
What happens to the price of objects when the demand for them decreases?
a)
The price will go down
b)
The price will go up
c)
The price will stay the same
d)
They will be free
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