Demand & Supply Review

Front

Which statement expresses a central idea of how the laws of supply and demand work? Options: The government sets the prices for goods and services., Prices are determined by the interaction of producers and consumers., Consumers alone determine the prices for goods and services., Technology dictates the prices charged for goods and services.

Back

Prices are determined by the interaction of producers and consumers.

Front

Which situation is most likely to lead to the lowest prices? Options: There is only one producer making the good., Businesses secretly agree to share their profits., Competition between businesses is prohibited., Several producers compete to sell goods to the public.

Back

Several producers compete to sell goods to the public.

Front

Video Game Market: If video game makers get new machines that double their production, the supply of video games will.....

Back

Increase (make more games)

Front

Video Game Market: If a big video game maker exits the market, the supply of video games will.....

Back

Decrease (make fewer games)

Front

Video Game Market: If every consumer gets a $1,000 check from the government, the demand for video games will.....

Back

Increase (buy more games)

Front

Video Game Market: If buyers are tired of being stuck at home & take up hiking, the demand for video games will.....

Back

Decrease (buy fewer games)

Front

Video Game Market: If it is now cheaper to make video games, the supply of video games will.....

Back

Increase (make more games)

Front

Are these substitutes or complements?

Back

Complements (buy together)

Front

Are these substitutes or complements?

Back

Complements (buy together)

Front

Are these substitutes or complements?

Back

Substitutes (buy instead of)