Supply and Demand

Which of the following would lead to the highest prices?

• High Supply

• High Demand

• Low Demand

Which of the following represent equilibrium

• Supply of a product is equivalent to the demand

• Supply of a product is greater than the demand

• Supply of a product is less than the demand

When supply and demand intersect on the graph it is called ____

• demand curve

• equilibrium point

• elastic

• supply curve

In general, if the price of a good or service goes up, what happens to the demand for that good or service?

• demand goes up

• demand stays the same

• demand goes down

• none of the above

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

• demand goes up

• demand stays the same

• demand goes down

• none of the above

What will happen to the price of tomatoes if there is a drought and less tomatoes are produced?

• the price will increase

• the price will decrease

• the price will stay the same

• the price will not be affected

During covid, families were limited to how many rolls of toilet paper they were allowed to buy. Companies were struggling to keep their supply of toilet paper. This would be an example of a

• surplus

• competition

• shortage

• equilibrium

Shell prices their gas at $2.29/gallon. Across the street, Marathon drops their gas prices to $2.25/gallon. This would show the ______ between Shell and Marathon.

• supply

• demand

• surplus

• competition

Walmart produced too many mini-fridges. They produce 500, but only sold 76. They now have a ______ of mini-fridges.

• shortage

• supply

• surplus

• demand

If Kroger has a surplus of pumpkins, they should

• decrease the price of pumpkins to increase the demand

• decrease the price of pumpkins to decrease the demand

• increase the price of pumpkins to increase the demand

• increase the price of pumpkins to decrease the demand