Unit 3 TEST - Supply and Demand

More sellers enter the "Pizza" market. What happens to the total number of pizzas supplied?

• they decrease (curve shifts left)
• they increase (curve shifts right)
• they stay the same (the curve stays)

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

Which of the following is supply?

• The amount of a product that is made and sold

• How much of a product producers are willing and able to sell of a product at a given price

• The difference between the cost of production and the price a product is sold at

• The amount of a product consumers are willing and able to buy

Exists when the quantity supplied exceeds quantity demanded

• Surplus
• Shortage

If the price of printers goes down, what happens in the market for ink cartridges?

• Supply increases.
• Supply decreases.
• Demand increases.
• Demand decreases

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

This part of the market determines SUPPLY

• buyers
• producer/sellers

• consumers
• us

When the quantity demanded in the market is more than the quantity supplied

• Surplus
• Shortage

When producers offer more of a good as its price increases and less as its price falls, this defines the

• law of demand

• law of supply

• change in demand

• change in supply