1) As price goes up... a) Demand goes down b) Demand goes up c) Demand stays the same 2) As price goes down... a) Supply goes up b) Supply goes down c) Supply stays the same 3) Which of these has elastic demand? a) Medicine b) Gasoline c) Coca-Cola d) Cigarettes e) Salt 4) Equilibrium is where... a) Supply is higher than demand b) Demand is higher than supply c) Supply and demand are equal 5) A minimum price imposed by the government is called a... a) Price ceiling b) Price floor 6) A maximum price imposed by the government is called a... a) Price ceiling b) Price floor 7) A price ceiling leads to a.. a) Shortage of the good/service b) Surplus (too much) of a good or service 8) A price floor leads to a... a) Shortage of the good/service b) Surplus (too much) of a good or service

Supply and Demand

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