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The want or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

The amount of goods or services available for a producer to sell is called?

• supply
• demand
• producer
• consumer

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

For the law of demand, as price rises, what happens to quantity demanded?

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

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

When quantity supplied and quantity demanded is equal

• surplus
• shortage
• equilibrium
• law of demand

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

This graph represents...?

• Changes in quantity demanded

• Changes in quantity supplied

• Changes in demand

• Changes in supply

If the supply curve on this graph represents iPhones, what would cause the change from S to S1 (red to purple line)?

• An increase in computer chips

• An increase in the cost of producing an iPhone

• Employees figure out a way to work more efficiently

• The price of iPhones increases