Demand and Supply

As prices go up quantity demanded go down, this is known as:

• Demand

• The law of demand

• Supply

• the law of supply

What is the term for a situation where the quantity supplied exceeds the quantity demanded at a given price?

• Equilibrium

• Surplus

• Shortage

• Market failure

When the price of pizza go up, mostly pizza places would want to:

• Increase the supply

• Decrease the supply

• Increase demand

• Supply will stay the same

What is the term for the price at which the quantity demanded equals the quantity supplied?

• Equilibrium price

• Market price

• Ceiling price

• Floor price

When the price of pizza go up, quantity demanded will:

• QD will go up

• QD will go down

• QD will stary the same

What happens to the quantity supplied when the price of a product decreases?

• QS will go up

• QS will go down

• QS will stay the same

What is the term for a situation where the quantity demanded exceeds the quantity supplied at a given price?

• Equilibrium

• Surplus

• Shortage

• Market failure