According to the laws of supply and demand, when will companies produce more of a product?

When they can sell it for a higher price

What is likely to happen if the price of a new phone went up?

Demand for the phone would decrease

What factor is mostly likely to cause an increase in demand for a new type of automobile?

A TV Ad is which the car is endorsed by a popular celebrity

Why do prices go down when consumer start saving their money?

Consumer become less willing to spend $ on Goods & Services

What might happen if the demand for a new type of sneaker began to rising quickly?

The sneaker company would raise the price of the sneaker

Who would set the equilibrium point for the price of a new type of sneaker?

Neither A or B the equilibrium point is set by the market

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Supply & Demand

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Supply and Demand Review for 8th grade

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Questions 14

Answers

1
Supply and Demand work hand in hand.
yes
no
2
Costing a lot of money, or having a high price is called ______.
buyer
money
expensive
3
A person who buys goods or services is called a ______.
consumer
seller
cat
Dog
4
How much is available_______
Both choices
Neither choices
Supply
Demand
5
According to the laws of supply and demand, when will companies produce more of a product?
When demand decreases
When they can sell it for a higher price
When the economy turns downward
When the price will pay for it goes down
6
What is likely to happen if the price of a new phone went up?
Merchants would begin offering sales on the phone
Demand for the phone would decrease
It would be impossible to find this phone in stores
Demand for the phone would increase
7
How much people want to buy is ________
Goods
Demand
Supply
8
What factor is mostly likely to cause an increase in demand for a new type of automobile?
A TV Ad is which the car is endorsed by a popular celebrity
The price of the car going up
A comedian making fun of the car on late-night TV
A rumor that the car's gas tank is prone to explosion
9
Which condition would lead to the highest prices?
Low supply, low demand
High supply, high demand
Low Supply, high demand
High supply, low demand
10
Why do prices go down when consumer start saving their money?
Demand for goods begins to outpace supply
Demand for currency goes up as people begin saving
Consumer become less willing to spend $ on Goods & Services
Manufactures start producing fewer products
11
What does supply and demand do ?
does nothing
Higher prices
Has a party
raise and lower prices
12
Make or to grow is called ______
stuff
goods
happiness
Demand
13
What might happen if the demand for a new type of sneaker began to rising quickly?
The manufacturer would begin making fewer sneakers
The sneaker company would lower the price of the sneaker
The sneaker company would raise the price of the sneaker
People would refuse to pay more money for the sneakers
14
Who would set the equilibrium point for the price of a new type of sneaker?
The manufacturer
Neither A or B the equilibrium point is set by the market
Either A or B it depends on the cost to produce the sneaker
The consumer

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