supply and demand

Consumers are

• people who sell goods and services

• people who buy goods and services

• people who consume food

• none of the above

What does the law of demand say?

• Consumers will buy less of something when prices go down.

• Consumers will buy more of something when prices go down.

• Consumers will buy more of something when prices go up

• None of the above

If the price of a good or service increases what will happen to the demand for it?

• increase

• decrease

• stay the same

• nobody knows

In what way can demand be shown?

• demand schedule chart

• demand curve chart

• by asking someone what they want to buy at the market.

• A & B

A factor that can change the amount of demand for a good would be

• Income

• population

• what people like and don't like

• All of the above

If a good becomes popular or fashionable, what will happen with the demand for the good?

• Decrease

• Stay the same

• Increase

• None of the above

If the price of Sprite increases, what will happen with the demand for a subsitute product such as 7-Up?

• Increase

• decrease

• stay the same

• all of the above

If demand for one complementary good, like a printer increases, what would happen with the demand for ink cartridges?

• Increase

• decrease

• stay the same

• all of the above

What determines the price of a good or service?

• Demand only

• Supply only

• Supply and Demand

• None of the above