Supply and Demand

Which of the following is an example of demand?

• Wanting an Xbox

• Having money saved to buy a car

• Having the desire and money to buy a snowboard (after my next paycheck)

• Wanting to get a new phone

How is quantity demanded different from demand?

• Demand is wanting something, Quantity Demanded is how much you want.

• They are the same thing.

• Quantity demanded only applies in some situations.

• Quantity demanded is how much demand there is at a specific price.

What is supply?

• The desire and ability to produce and distribute a good at a specific time.

• How much there is of a particular good.

• Being able to make something.

• The desire and ability to purchase goods at a specific time.

What impact would a drought have on the market for corn?

• Supply would increase

• Supply would decrease

• Demand would increase

• Demand would decrease

What impact would an increase in students working from home have on the market for chromebooks?

• Supply would increase

• Supply would decrease

• Demand would increase

• Demand would decrease

What would be the impact of a new grocery store opening up in town?

• Supply would increase

• Supply would decrease

• Demand would increase

• Demand would decrease

What is it called when the supply of a good is high and the demand for that good is low?

• Shortage

• Surplus

• Equilibrium

Which of the following would increase the supply of a good?

• New technology allowing for more efficient production

• An increase in the number of sellers

• More resources available for making the product

• All of the above