Chapter 12 Quiz

_____ is the quantity of goods and services that a business is willing to sell at a specific price and a specific time.

• Demand

• Supply

• Product

• Service

_____ is the quantity of goods and services that customers are willing to buy at a specific price and a specific time.​

• Demand

• Supply

• Product

• Service

_____ is when the quantity supplied is greater than the demand.

• Demand

• Supply

• Surplus

• Shortage

_____ occurs when the quantity supplied can’t meet the demand.

• Demand

• Supply

• Surplus

• Shortage

_____ is the ideal quantity at a given price that a customer is willing to pay so that they can meet demand and maximize profits.

• equilibrium point

• surplus point

• shortage point

• demand point

_____ is the quantity at which the supply equals the demand.

• Equilibrium price

• Equilibrium point

• Equilibrium quantity

• Shortage point

_____ is the price at which supply equals demand.

• Equilibrium price

• Equilibrium point

• Equilibrium quantity

• Shortage point

A useful tool for determining an equilibrium quantity and equilibrium price is to create a supply and demand curve.

• True

• False

A supply and demand curve shows the relationship between supply and demand graphically.

• True

• False

The ____ is where the supply curve and the demand curve intersect, where supply and demand are balanced.

• equilibrium point

• Equilibrium price

• Equilibrium quantity

• Surplus point