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WorksheetsSupply and Demand Equilibrium, Surplus, and Shortage 1
Total questions: 21
Worksheet time: 11mins
Supply and demand determine
needs and wants.
all goods produced
the price for a good or service
all of the other options
Equilibrium
when there is a surplus
when there is a shortage
when there is both a surplus and a shortage
when the producer and consumers agree on a price
The law of demand says
producers will supply more when prices decrease
producers will supply more when prices increase
consumers will buy more when prices increase
consumers will by less when prices increase
A producer will cause a shortage,
if the price for a good is set too high.
if the price for a good is set too low.
if the price is set att the equilibrium point
none of the other options
A price floor is when
the government sets a mximum price
the government sets a minimum price
the government allows the market to decide the price for a good
all of the other options
On a supply and emand graph, one can find the equilibrium price by locating
only the demand curve
only the supply curve
where the demand and supply cross/intersect
the title of the graph
A producer will cause a surplus
if the price of a good is set too high
if the price of a good is set too low
if prices is set at the equilibrium point
none of the other options
The law of supply says
producers will supply more when prices decrease
producers will supply more when prices increase
consumers will buy more when prices decrease
consumers will buy less when prices increase
Which factors can change/shift supply or demand?
income, tastes, population
taxes and subsides
cost of production and competition
all of the other options
A price ceiling is when
the government sets a maximum price for a good
the governmnet sets a minimum price of a good
the government allows the market to decide the price for a good
all of the other options
__________ occurs when there are too many goods; extra goods that could not be sold
equilibrium
shortage
surplus
price ceiling
Anytime a producer set the price _______ the equilibrium price, a shortage will occur.
above
below
at
At the equilibrium price, demand and supply are balanced out; the amount demanded by consumers will ________ the amount supplied.
be higher than
be lower than
equal
cancel
Which is true if equilibrium is present in a market?
The price of the product will tend to rise.
The price of the product will tend to fall.
Quantity demanded exceeds quantity supplied.
Quantity demanded equals quantity supplied.
In the graph, what happened to the equilibrium price when the supply curve moved from S1 to S2?
It indicated a decrease in demand.
It indicated an increase in demand.
It did not change.
The equilibrium price went up.
The equilibrium price went down.
_______ is the amount of a good that consumers are willing to buy.
demand
supply
surplus
shortage
_______ is when there is not enough of a good to meet demand.
demand
supply
surplus
shortage
_______ is the amount of a good a producer is willing to make for sale.
demand
supply
surplus
shortage
_______ is when the producer and the consumers both accept and agree on a price.
equilibrium
price ceiling
surplus
shortage
_______ is when the government sets a maximum price for a good.
equilibrium
price ceiling
surplus
shortage
To decrease a surplus of goods, a business will most likely __________ the price.
raise
lower
increase
leave it the same
