Supply, Demand, and equilibrium

Which of the following is the law of supply?

• As price goes up quantity demand goes down

• As price goes up quantity supply goes up

• As price goes down quantity supply stays the same

• When the supply curve and demand curve meet

Which of the following is the law of demand?

• As price goes up quantity demand goes down

• As price goes up quantity supply goes up

• As price goes up quantity demand goes up

• When the supply curve and demand curve meet

When the supply curve meets the demand curve, that is called a what?

• Equilibrium

• Shortage

• Surplus

• Market

What is it called when the quantity supplied is more than the quantity demanded (above the equilibrium)?

• Equilibrium

• Shortage

• Surplus

• Market

What is it called when the quantity demanded is more than the quantity supplied (below the equilibrium)?

• Equilibrium

• Shortage

• Surplus

• Market

The law of supply is usually from the perspective of who?

• Buyers

• Sellers

• Both

• Neither

The law of demand is usually from the perspective of who?

• Buyers

• Sellers

• Both

• Neither

When a supply curve increases the curve moves where?

• It moves to the right

• It moves to the left

• It moves downward

• It moves upward

When a supply curve decreases, the curve moves where?

• It moves to the right

• It moves to the left

• It moves downward

• It moves upward

When a demand curve increases the curve moves where?

• It moves to the right

• It moves to the left

• It moves downward

• It moves upward