Unit 3 TEST - Supply and Demand

Front

What does this curve represent? Options: demand, supply, equilibrium, shortage

Back

supply

Front

What does this curve represent? Options: supply, equilibrium, demand, surplus

Back

demand

Front

If the price of printers goes down, what happens in the market for ink cartridges?

Back

Demand increases.

Front

Factor that will NOT cause the demand curve to shift: Income, Population, Price, Expectations by consumer

Back

Price

Front

In a market economy, who decides on the prices of goods and services?

Back

buyers and sellers

Front

For the law of demand, as price rises, what happens to quantity demanded?

Back

it goes down

Front

For the law of supply, as price rises, what happens to quantity supplied?

Back

it goes up

Front

What is supply?

Back

How much of a product producers are willing and able to sell of a product at a given price

Front

Which of the following tends to INCREASE SUPPLY?

Back

Anything that makes a product cheaper to produce

Front

A person or company that makes, grows, or supplies goods to sell is called the?

Back

producer