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Supply & Demand Review
Supply & Demand Review
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Answers
1
When supply is greater than demand, a _________ will result
balance
surplus
shortage
equilibrium
2
When demand is greater than supply, a _________ will result
surplus
shortage
balance
equilibrium
3
A supply curve is
Neither
Positive sloping (upwards from bottom left to top right)
Negative sloping (downwards from top left to bottom right)
Both positively and negatively sloping
4
Where supply and demand curves meet is known as:
equilibrium
equal
coincide
connection
5
A graphical representation of a demand schedule is a
demand curve
law of supply
law of demand
supply curve
6
The quantity of goods/services available to consumers to buy at various prices over a period of time is?
demand
supply
marginal utility
market demand
7
What happens when the supply is high and the demand is low?
Prices tend to fall
You have an equilibrium
Prices tend to increase
Prices go crazy and have a party
8
A graphical representation of a supply schedule is
law of demand
supply curve
demand curve
law of supply
9
At price of $2 what is the quantity supplied?
7 units
4 units
2 units
5 units
10
A table showing the quantities demanded for a good at various prices is a?
demand schedule
factors affecting demand
law of demand
demand curve
11
A table showing the quantities supplied of a good at various prices is a
law of supply
supply schedule
supply curve
factors affecting supply
12
The law of demand states
As prices increase, supply falls
As prices increase, supply increases
As prices increase, demand increases
As prices increase, demand falls
13
What does a demand curve show?
The products
Nothing
amount buyers are willing to purchase for the price
Amount buyers negotiate on
14
What is the equilibrium price?
$5
$4
$7
$2
15
What is the equilibrium quantity?
4 units
7 units
2 units
5 units
16
At what price will 7 units be supplied to the market?
$5
$2
$7
$4
17
The number of goods/services consumers are willing to buy at various prices over a period of time is?
demand
marginal utility
supply
market demand
18
Consumer preference has a major effect on product demand.
True
False
19
Equilibrium price is where the demand of a product/service is equal to the supply of a product/service.
False
True
20
A demand curve is
Neither
Negative sloping (downwards from top left to bottom right)
Positive sloping (upwards from bottom left to top right)
Can be both positive and negatively sloping
21
At price of $2 what is the quantity demanded?
5 units
8 units
4 units
2 units
22
What happens when the supply is low and the demand is high?
The price decreases
The price increaces
23
The law of supply states
As prices increase, supply increases
As prices increase, demand increases
As prices increase, supply falls
As prices increase, demand falls
24
What label do you put on the x axis of a supply/demand curve (the horizontal axis)?
Price
Supply
Quantity
Demand
25
What label do you put on the y axis of a supply/demand curve (the vertical axis)?
Quantity
Supply
Price
Demand
