Supply & Demand

a person or company that makes, grows, or supplies goods to sell is called the?

• damand
• price
• producer
• shortage

Printers and ink cartridges are typically purchased together.  Economists would call these

• Stubstitues
• Complements
• Elastic
• Inelastic

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us

For the law of supply, as price rises, what happens to quantity supplied?

• it goes up
• it goes down
• it stays the same
• it is not effected

If the price of printers goes down, what happens in the market for ink cartridges?

• Supply increases.

• Supply decreases.

• Demand increases.

• Demand decreases

The change in output from adding one more worker is the

• negative marginal returns

• marginal product of labor

• increasing marginal returns

• diminishing marginal returns

Consuming more of one good because of a change in price of another good is known as the 

• income effect
• substitution effect
• elasticity effect
• demand effect

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

According to the law of supply,

• the lower the price the larger the quantity consumed

• the higher the price the larger the quantity produced

• if the price of a good rises some firms will produce less

• if the price of a good falls new firms may enter the marker

Which of the following businesses has elastic supply?

• newspaper publishing

• apple farming

• hair cutting

• electricity generating