WorksheetsEntrepreneurship Law of Supply and Demand
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
A group of buyer and sellers of a particular good or service
a)
Supply
b)
Demand
c)
Agency
d)
Market
2.
This part of the market determines DEMAND
a)
buyers
b)
sellers
c)
suppliers
d)
store owners
3.
This part of the market determines SUPPLY
a)
buyers
b)
sellers
c)
consumers
d)
us
4.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
5.
For the law of supply, as price rises, what happens to quantity supplied?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
6.
When quantity supplied and quantity demanded is equal
a)
surplus
b)
shortage
c)
equilibrium
d)
law of demand
7.
If a price is above equilibrium price, it creates a...
a)
shortage
b)
surplus
c)
market price
d)
demand
8.
If a price is below the equilibrium price it creates a...
a)
shortage
b)
surplus
c)
market price
d)
supply
9.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
10.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
100 %
