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Demand and Supply
Demand and Supply
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Answers
1
According to the Law of Supply, the
Supply curve
is:
A vertical line
downward sloping
upward sloping
A horizontal line
2
What is an
Economic
Want
?
Goods or services that are not necessary but that we desire.
Goods or services that are required or necessary.
3
According to the
law of supply
, a decrease in price will...
Increase demand
Increase supply
Decrease demand
Decrease supply
4
What is the
main purpose
of a business?
Producing
Profit
Authority
Risk Taking
5
According to this chart, what is the
Equilibrium price
of the product?
$5
$15
$25
$10
6
The point at which the
demand curve and supply curve
meet is called what?
Equilibrium Price
Central Point
Breaking Point
Mid Price
7
The
supply schedule
shows the various amounts that
are paid for ads for a product.
donors are willing to contribute.
consumers are willing to purchase.
sellers are willing to produce.
8
Whose actions does the
supply curve
describe?
Consumer
Buyer
Seller
Intermediary
9
A
chart
that lists how much of goods a supplier will offer at different prices is called as
market demand schedule
supply schedule
demand schedule
Supply curve
10
Demand and Supply
are basic concepts for what field of study?
Social sciences
Accounting
Economics
Health
11
What is a
risk
?
a game
how I operate
something scary
taking a chance
12
According to the Law of Demand, the
demand curve
is:
downward sloping
a horizontal line
upward sloping
a vertical line
13
What motive do
sellers/suppliers
have that drives the Law of Supply?
Social
Profit
Game
Family
14
According to this chart, what is the
Equilibrium Quantity
of the product?
80
400
2200
$120
15
which of the following provides the best definition of
demand
?
How much you will buy in order to meet your basic needs
Your willingness and ability to buy things at various prices
How much stuff you want
How much stuff you will buy at a $0 price
16
What is an
Economic
need
?
Goods or services that are not necessary but that we desire.
Goods or services that are required or necessary.
17
T-shirts go on sale - you buy 3 instead of just 1. The quantity you
demand increased
because
supply decreased
price decreased
price increased
supply increased
18
What is a
demand curv
e?
a graphic representation of ademand schedule
a table that lists quantityof a good at each different price
table listing thequantity of a good all consumers will buy
consumers buying more of agood when its price decreases
