Supply and Demand

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

Factors that cause the supply or demand to change are called?

• equilibrium
• shifter
• demand
• producer

The desire or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

The point where supply and demand are balanced is?

• product
• demand
• surplus
• equilibrium

A group of buyer and sellers of a particular good or service

• Supply
• Demand
• Agency
• Market

Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? 

• The arena forgot to print enough tickets.
• The supply of tickets was greater than the demand.
• The arena charged too much money for each ticket.
• The demand for tickets was greater than the supply.

The price at which the quantity demanded by consumers equals the quantity suppled by the producers is know as what?

• Competition
• The Law of Supply
• The Law of Demand
• The Equilibrium Price

If the price of a good is ________________ than the equilibrium price, the supply of the good will be greater than the quantity of goods demanded.

• Lower 
• Higher
• Supply
• Resources