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Supply and Demand Review
Supply and Demand Review
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1
Supply is ______
how much consumers are willing to pay.
the amount consumers want at a certain time and price.
the amount consumers want.
the amount a producer makes available at a time & price.
2
On the supply/demand graph, the x axis represents ________.
quantity
price
3
If the quantity demanded barely decreases as the price increases, it is most likely to be _____
elastic demand
inelastic demand
elastic supply
inelastic supply
4
Which of the following business organizations is the most difficult to obtain?
Sole proprietorship
Corportation
Partnership
5
What is a surplus?
When quantity supplied is lower than quantity demanded
When supply is lower than demand.
When supply is higher than demand
When quantity supplied is higher than quantity demanded
6
Which of the following causes a change in supply?
# of consumers
Cost of inputs
Seasonality
Trends
7
Demand is _________
the amount a producer makes available at a time and price.
the amount a consumer wants at a certain time and price.
the amount people want.
the amount a producer makes.
8
Which type of business is the easiest to create?
Sole Proprietorship
Partnerships
Corporation
9
Having a price floor creates an artificial _________.
demand
surplus
supply
shortage
10
Which business organization is recognized as its own entity?
Corporation
Partnership
Sole Proprietorship
11
The legal papers designating drawn up to specify arrangements between partners are called ___
Articles of Confederation
Business Charter
Articles of Partnership
Partnership Contract
12
Which of the following causes a change in demand?
Technology
Price of Related Goods
Cost of inputs
Productivity
13
On the supply/demand graph, the y axis represents ________.
quantity
price
14
The Equilibrium Price is ______
when demand equals supply
when quantity supplied equals quantity demanded
when supply is higher than demand.
when price equals quantity
15
What does the bottom line represent on the graph?
Price Equilibrium
Price Ceiling
Price Floor
Price
16
Which of the following is an example of inelastic demand?
Soda
Oreos
Margarine
Water
17
What does the top line represent on the graph?
Price Floor
Supply and Demand
Price Ceiling
Price Equilibrium
18
Having a price ceiling creates an artificial _______.
supply
shortage
surplus
demand
19
Which of the following shows inelastic supply?
Saturated Fats
Natural Made Goods
Factory Made Goods
Processed Food
20
Which business organization requires a formal request to the government to be established?
Sole Proprietorship
Partnership
Corporation
