Supply & Demand 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

Why are there no basketball tickets available for the Cavs game?

Back

The demand for tickets was greater than the supply.

Front

A graphic organizer is shown. What is the best title for it?

Back

Factors Causing the Price of a Product to Rise.

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

When companies compete in a market economy, what is usually the result?

Back

Consumers are able to buy goods for the best available price.

Front

What is likely to happen to the price of the sneakers over the next several weeks if local stores sell a particular pair of sneakers for $80 and a picture of basketball star Lebron James wearing them appears in all the local Ohio newspapers?

Back

The price of the sneakers will rise as more people want similar sneakers.

Front

How does competition affect producers in a market economy?

Back

They improve the quality of their goods to attract buyers.

Front

What will happen to the price of older style televisions when a new type of television set using 3-D images is introduced and many stores have large quantities of the older style televisions?

Back

The price will fall.

Front

The yeast needed to make whole wheat bread rises sharply in price. What will happen to the price of whole wheat bread?

Back

The price will rise.

Front

What is most likely to happen to the price for this video game in January, when the most popular gift buying season is over?

Back

Sellers will lower their prices when the demand for the video game slows.