1) What happens to the price of a good or service if the demand for it goes up? a) b) 2) What happens to the price of a good or service if the demand for it goes down? a) b) 3) If a store has too many of toys, they lower the price so... a) people will buy more b) people will stop buying it 4) A new toy is out! People really want it! The demand is... a) b) 5) When a new toy comes out, what happens to the price of the old one? a) it goes up b) it goes down 6) When gas resources are not as readily available the supply for it... a) Goes up b) Goes Down 7) Law of Demand: When the price increases the quantity demanded... a) Decreases b) Increases 8) Law of Demand: When the price decreases the quantity demanded... a) Decreases b) Increases 9) Law of Demand: When the price __________ the quantity demanded increases a) Increases b) Decreases 10) Law of Supply: When the price increases the quantity supplied... a) Increases b) Decreases 11) Law of Supply: When the price decreases the quantity supplied... a) Increases b) Decreases 12) Law of Supply: When the price _________ the quantity supplied increases a) Increases b) Decreases 13) If I am willing and able to buy a good or service I am a... a) Consumer b) Producer 14) If I am willing and able to supply a good or service I am a... a) Consumer b) Producer 15) If there is a shortage of a good or service that means there is.... a) Not enough of it b) Too much of it 16) If there is a surplus of a good or service that means there is.... a) Not enough of it b) Too much of it 17) A demand curve goes... a) Down and to the right b) Up and to the right 18) A supply curve goes... a) Down and to the right b) Up and to the right

Supply and Demand

by
Print
Embed

Leaderboard

Visual style

Options

Switch template

Continue editing: ?