Supply & Demand

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.

Read the following situation to determine what the outcome would be:

A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions? 

• The price will remain the same.
• The price will rise.
• The price will fall.

A new video game has just been released before the winter holiday season, when may families buy gifts. This is a video game that many children want. Many parents buy this video game system for their children. The price throughout December is $249.

What is most likely to happen to the price for this video game in January, when the most popular gift buying season is over?

• The price will go up for the new year then fall.
• Sellers will lower their prices when the demand for the video game slows.  
• The price for the video game will remain at $249.
• The price will rise since since the games manufacturer will refuse to produce anymore.

This term refers to how much of a good or service consumers are willing to buy at a particular price.

• Demand
• Compettition
• Supply
• Equilibrium Price

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

Millions of people see a famous sports star drinking apple juice on television. The fans think apple juice helps make the athlete strong. What will happen to the price of apple juice?

• The price will go up.
• The price will go down.

What happens if you have a rare football trading card? Your friends really want that card. The supply of that card is low, while demand for it is high.  What will happen to the price of the card?

• The price will go up.
• The price will go down.

If there is a huge demand for an item and the supply is very low, what will happen to the price?

• The price will decrease
• The price will increase
• The price will stay the same.
• They will be free.

What happens to the price of objects when the demand for them decreases?

• The price will go down
• The price will go up
• The price will stay the same
• They will be free

When price increases, demand....

• increases

• decreases