WorksheetsSupply and Demand Review
Total questions: 20
Worksheet time: 16mins
Supply and demand determine
needs and wants.
all goods produced.
the price for a good or service.
All of the above.
Equilibrium is
when there is a surplus.
when there is a shortage.
when there is both a surplus and a shortage.
when the producer and the 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 buy 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 at the equilibrium point.
None of the above.
A price floor is when
the government sets a maximum price for a good.
the government sets a minimum price of a good.
The government allows the market to decide the price for a good.
All of the above.
On a supply and demand graph, one can find the equilibrium price by locating
only the demand curve.
only the supply curve.
where demand and supply cross.
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 price is set at the equilibrium point.
None of the above.
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.
All of the above
Which factors can change (shift) supply or demand?
Income, tastes, and population
Taxes and subsidies
Cost of production and competition
All of the above.
A price ceiling is when
the government sets a maximum price for a good.
the government sets a minimum price of a good.
The government allows the market to decide the price for a good.
All of the above.
(a) is the amount of a good that consumers are willing to buy.
(a) is the amount of a good a producer (business) is willing to make for sale.
(a) occurs when there are too many goods; extra goods that couldn’t be sold.
(a) is when the producer and the consumers both accept and agree on a price.
(a) is when the government sets a maximum (highest) price for a good.
(a) is when there is not enough of a good to meet demand.
Hank runs a carrot business where he sells carrots. He is CEO and runs everything how he wants. One day, President Joe Biden walks in to inspect the business, and he puts certain regulations in place to keep his employees and customers safe. What kind of economy does Hank live in?
Command Economy
Mixed Economy
Market Economy
Traditional Economy
Everyone loves Hank's carrot business! His carrots are high in demand. He sees that people are willing to pay a lot for his products. What is Hank likely to do next?
Raise the prices
Lower the prices
Shut down his business
Start a tomato business to conquer a new industry
An observer of the graph would call this a(n):
Shortage
Surplus
Equilibrium price
Demand equals supply
Which letter represents a surplus?
A
B
C
D
