WorksheetsFast and Curious Supply and Demand
Total questions: 19
Worksheet time: 10mins
Which statement describes the law of demand?
As prices rise, quantity demanded decreases
As prices rise, demand decreases.
As prices fall, quantity demanded decreases.
As prices fall, demand decreases.
Which explains why a supply line is upward sloping?
the Law of Demand states there is an indirect relationship between price and quantity
the Law of Supply states there is a direct relationship between price and quantity
the Law of Supply compares marginal costs and marginal benefits in a constant rate
the Law of Demand shows a positive relationship between two goods, creating the slope
Which is an example of the Law of Demand at work?
The price of the pizza goes up when the price of cheese goes up.
Demand for pizza goes down when tacos become more popular
The price of pizza falls when the demand for pizza falls
Demand for pizza rises when the price of pizza falls
What causes a shift in the demand curve?
A decrease in price
An increase in price
A change in an area other than price
A change in price and availability
The amount of a good or service that producers are willing and able to sell at all possible prices during a given period of time.
Supply
Demand
Factor of Production
Production
The market equilibrium price is the price at which
surpluses depress the number of goods supplied
shortages and surpluses will have no effect on the market
the government will not intervene in the market
the quantity demanded is the same as the quantity supplied
What is the Equilibrium Price?
1
2
3
4
When there is a shortage the price will usually?
rise
fall
remain the same
equilibrium
The diagram represents a(n)
increase in supply
decrease in supply
change in quantity supplied
none of the above
The diagram represents a
increase in demand
decrease in demand
change in quantity demand
none of the above
Turkeys for Thanksgiving are raised on poultry farms. If the Bird Flu hits and kills most of the turkeys, (a) and the (b) .
Starbucks decided to start selling pumpkin spice lattes again. Because of this, the (a) and the (b) .
We find a new gas reservoir and decide to drill it. Because of this, the (a) and the (b) .
We rely on Hawaii to provide pineapples for us to eat. After the wildfire in Maui, Hawaii, the (a) and the (b) .
A famous athlete says that they like Coca-Cola more than Pepsi. Because of this, Pepsi's (a) and the (b) .
A picture of two famous soccer players playing chess goes viral on social media. Because of this, chess board (a) and the (b) .
An incident happened on a United flight where a passenger was literally dragged off of a plane. It got reported on the news. Due to this, United's (a) and the (b) .
An accident happened causing the entire state to lose electricity for a week. Because of this, the ice cream (a) and the (b) .
The people in a town love donuts. They have a Krispy Kreme already, but they just built a Dunkin' Donuts. Because of this, the (a) and the (b) .
