NEW
Font size
S
M
L
XL
WorksheetsSupply & Demand
Total questions: 12
Worksheet time: 7mins
Name
Class
Date
1.
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
2.
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
3.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
4.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
5.
If a price is below the equilibrium price it creates a...
a)
shortage
b)
surplus
c)
market price
d)
supply
6.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what?
a)
rise
b)
fall
c)
stay the same
d)
Consumer
7.
Supply is
a)
how much consumers are willing to buy.
b)
how much a producer (a business) is able and willing to make for sale to consumers.
c)
the goods that are left over after a sale.
d)
All of the above
8.
What does the law of demand say
a)
consumers will buy less of something when the price goes down
b)
consumers will buy more of something when price increases.
c)
consumers will buy more of something when prices decrease.
d)
None of the above.
9.
Supply and demand determine
a)
needs and wants
b)
all goods produced
c)
the price for a good or service
d)
All of the above
10.
Equilibrium is
a)
when there is a surplus
b)
when there is a shortage
c)
when there is both a surplus and a shortage
d)
when the producer and the consumers agree on a price
11.
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.
12.
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.
Reset
