Supply & Demand

Which of the following describes the amount of a good producers are able and willing to sell at various prices during a certain period?

• Price

• Cost

• Supply

• Demand

How is profit calculated?

• Total costs minus total revenue

• Total revenue minus total costs

• Total supply plus total demand

• Total demand plus total supply

Which of the following is true about the supply curve?

• As the supply quantity rises, so does the price

• As the price rises, so does the supply quantity

• As the price rises, so does the demand

• As the cost rises, so does the demand

Increasing product supply leads to which of the following situations?

• An inward shift of the demand curve

• An outward shift of the demand curve

• An inward shift of the supply curve

• An outward shift of the supply curve

Which of the following terms describes the cost of producing an additional unit of a good?

• Marginal cost

• Marginal utility

• Supply cost

• Supply utility

Which of the following is the amount of a product a consumer is willing an able to purchase at given prices?

• Price

• Cost

• Supply

• Demand

Which of the following relies the most on the health of the economy?

• Builders

• Manufacturers

• Trade industries

• Producers

Which of the following is true about the demand curve?

• As the price rises, the good’s demand increases

• As the price rises, the good’s demand decreases

• As the cost rises, the good’s demand increases

• As the supply quantity rises, the good’s demand decreases

Toothbrushes and toothpaste are examples of which of the following?

• Complementary goods

• Substitute goods

• Shift goods

• Raw goods

Which of the following measures the responsiveness of consumers to changes in price?

• Utility of demand

• Utility of supply

• Elasticity of demand

• Elasticity of supply