ind. need or desifre for a good or service at a given price

Competition is sparked when

sellers compete to make a profit

price increase, supply increase

need or desire for a good or service

amount a good will be sold at in a market

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Supply & Demand Review

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Questions 15

Answers

1
Define demand
supply causes price to decrease
amount supplied by consumers
ind. need or desifre for a good or service at a given price
hope of making money
2
If quantity supplied exceed quantity demanded then there is a
surplus
shortage
supply
scarcity
3
Profit motive encourages people to enter the
economy
workforce
marketplace
space
4
Why does the supply line sloped up and to the right
price rises, supply will rise
price falls, supply will rise
as the price rises, supply fall
price falls, supply will remain the same
5
In a free market, consumers determine the ______ of the product.
shortage
demand
surplus
supply
6
.Why does the demand line slope down and to the right?
price falls, demand will fall
price rises, demand will fall
price rises, demand will rise
price rise, demand will remain the same
7
______________________ is sparked when selelrs compete to make a profit
shortage
demand
competition
equilibrium
8
Competition is sparked when
sellers demand more from customers
when demand increase and supply increase
customers compete to make a profit
sellers compete to make a profit
9
Equilibrium price is the price at which demand equals the quantity supplied by sellers
true
false
10
What is another name for a shortage?
excess
surplus
scarcity
exceed the demand
11
Law of Supply states
price increase, supply increase
price remains the same, supply will decrease
price decrease, supply remain the same
price increases, supply remains the same
12
If the quantity demanded exceeds the quantity supplie then there is a
abundance
surplus
supply
shortage
13
Define demand
increase in the amount sold
need or desire for a good or service
decrease in supply
increase in supply
14
What is surplus?
equal supply & demand
more supply, than demand
scarcity
more demand, than supply
15
Define price
how much a good is sold
amount a supplier buys a product
quantity of supply and demand
amount a good will be sold at in a market

Supply & Demand Review Flashcards | StudBud