Supply and Demand Quiz

Supply is how much of a good or service is available to buy.

• True

• False

Demand is how much of a good or service people want to buy.

• True

• False

When the demand is high, and the supply is low, the _______ of goods or services goes up.

You are a ________; you buy things like video games and sneakers.

Things that people make or grow are called ___________.

Supply and demand work hand in hand to raise and ___________ the price of things.

• raise

• lower

• consumer

• price

When people work for others; it is called a _____________, like a doctor or bus driver.

• goods

• consumer

• price

• service

Lucas fixes his friend's sink. He is providing a ___________.

• trade

• opportunity cost

• product

• service

When the supply of a good is low, and demand is high, what usually happens to the price of the good?

• It goes up

• It goes down

• It doesn't change

A restaurant makes special hamburger. Everyone loves the hamburger and wants to order it. Every night the restaurant runs out of hamburgers after only an hour. What will most likely happen to the price of the burger?

• The price of the hamburger will go up.

• The price of the hamburger will go down.

• The price of the hamburger will not change.