demand and

What will happen to demand if the price of a product increases?

• Demand will increase
• Demand will stay the same
• Demand will fluctuate
• Demand will decrease

What will happen to supply if the price of a product increases?

• No effect
• Increase
• Decrease
• Remain the same

What causes a movement along the demand curve?

• Change in the weather
• Change in consumer income
• Change in government regulations
• Change in the price of the good or service

What causes a shift in the demand curve?

• Changes in producer income
• Changes in government policies
• Changes in the weather
• Changes in consumer income, prices of related goods, consumer preferences, population demographics, and expectations about future prices and income.

If demand for a product increases, what will happen to the equilibrium price?

• It will increase

• It will decrease

• It will stay the same

• Quantity demanded will increase

What happens when quantity demanded is greater than quantity supplied?

• The market reaches equilibrium
• A shortage occurs
• A surplus occurs
• There is no impact on the market

What happens when quantity supplied is greater than quantity demanded?

• Shortage
• Equilibrium
• Scarcity
• Surplus

What will happen to equilibrium price if demand decreases and supply remains unchanged?

• Equilibrium price will decrease
• Equilibrium price will increase
• Equilibrium price will remain unchanged
• Equilibrium price will fluctuate

What will happen to equilibrium quantity if supply increases and demand remains unchanged?

• Decrease
• Remain unchanged
• Fluctuate
• Increase

Which of the following will NOT shift the demand curve?

• Change in the price of the product itself
• Change in consumer preferences
• Change in the price of a related good
• Change in consumer income