1) Which of the following is not a commodity... a) iron b) coffee c) wheat d) DVD 2) Demand is a) the amount sellers are willing and able to sell b) the amount buyers are willing and able to buy c) the coming together of buyers and sellers 3) A wheat farmer is a a) price taker b) price maker 4) if demand is greater than supply then there will be a a) shortage b) surplus 5) is supply is greater than demand then there will be a) shortage b) surplus 6) weather affects the ______ of a product a) supply b) demand 7) If a business absorbs the costs then a) demand will decrease b) customers will go elsewhere c) profits will fall 8) if a business passes on the cost then a) profits will fall b) costs will fall c) demand will fall

supply and demand

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