Micro Economics Chapter 3 Supply and Demand QUIZ

The amount of goods available:

• Supply
• Demand
• Utility
• Equilibrium

The tendency of suppliers to offer more of a good at a higher price:

• Law of Supply
• Law of Demand
• Law of Economics
• Law of Net Income

The number one goal of a business is:

• Equality
• Good Working Conditions
• Profit
• Charitable Contributions

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 

• rise
• fall
• stay the same
• Consumer

When the demand for a product or service is higher than the supply this causes what?

• shortage
• consumer
• surplus
• equilibrium

Generally speaking, the lower the price, the greater the quantity demand.

• True
• False

Consumer wants are the same as consumer demand.

• True
• False

In economics, the term demand refers to the quantity of a good that people

• will buy at one particular price over a long time period
• would like to consume on a given date
• will buy at many different prices at a particular time
• would like to have available during a given time period