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

Demand for the sneakers would decrease

Supply refers to......

the amount of something that is available

The term demand refers to.....

The number of people who want or need something

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

A commercial in which the car is endorsed by a celebrity

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

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

Consumers decide to spend less on goods and services

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

The sneaker company would raise the price of the shoes

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Supply and demand quiz

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supply and demand, scarcity and price

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Questions 12

Answers

1
When an item becomes scarce, what are your choices as a consumer?
Wait until the price of the item goes down
all of these choices
Pay a higher price for the item
Not buy the item at all
2
An item with a high supply should be easy to find
true
false
3
You can easily find an item that is scarce
false
true
4
Which condition would lead to the highest prices?
low supply, high demand
high supply, low demand
high supply, high demand
low supply, low demand
5
What is likely to happen if the price of a new pair of sneakers went up?
Demand for the sneakers would increase
Merchants would began offering sales on sneakers
Demand for the sneakers would decrease
It would be impossible to find the sneakers in stores
6
Which of these is neither a good nor a service?
A gallon of gasoline
A piano lesson
A $20 bill
A meal at a resturant
7
Supply refers to......
bartering and trading
how difficult it is to find an item
the amount of something that is available
the number of people that want or need something
8
The term demand refers to.....
The number of people who want or need something
The number of people who do not want or need something
The amount of something available
How difficult it is to find or get an item
9
What factor is most likely to cause an increase in demand for a new type of automobile?
A comedian making fun of the car on a late night TV show
The price of the car going up
A rumor that the car's gas tank is prone to explosion
A commercial in which the car is endorsed by a celebrity
10
According to the laws of supply and demand, when will companies produce more of a product?
When the economy turns downward
When demand decreases
When they can sell it for a higher price
When the price people will pay for it goes down
11
Why do prices go down when consumers start saving their money?
Manufacturers start producing fewer products
Consumers decide to spend less on goods and services
Demand for currency (money) goes up as people began to save
Demand for goods began to outspace supply
12
What might happen if the demand for a new type of sneaker began rising quickly?
The sneaker company would lower the price of the sneakers
People would refuse to pay more money for the sneakers
The manufacturer would began making fewer sneakers
The sneaker company would raise the price of the shoes

Supply and demand quiz Flashcards | StudBud