Supply and Demand Worksheets for Detailed Market Study

This part of the market determines DEMAND: buyers. This part of the market determines SUPPLY: sellers. For the law of demand, as price rises, what happens to quantity demanded: it goes down. For the law of supply, as price rises, what happens to quantity supplied: it goes up. When quantity supplied and quantity demanded is equal: equilibrium. If a price is above equilibrium price, it creates a..: surplus. If a price is below the equilibrium price it creates a..: shortage. What does this curve represent: supply. What could cause the shift from D1 to D2: A change in preferences. This graph represents...: Changes in demand. The point in the middle of the two curves represents or shows....: Market Equilibrium. Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges: The price will go up.. Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons: The price will go down.. New technology advances the rate at which furniture can be assembled. Why does this change the supply: There is a change in cost of production.. Which statement expresses a central idea of how the laws of supply and demand work: Prices are determined by the interaction of producers and consumers.. When companies compete in a market economy, what is usually the result: Consumers are able to buy goods for the best available price.. If the price of a substitute to good X increases, then: The demand for good Y will increase. . If the demand for X decreases, then the demand for the complementary good Y will..: Decrease. When the supply of a product or service goes up and the demand stays the same the Price will typically do what? : fall. Mr. Sherman goes to the ticket booth to buy tickets for a Lakers game. Mr. Sherman is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? : The demand for tickets was greater than the supply.. When a price ceiling is in place keeping the price below the market price, what’s larger: quantity demanded or quantity supplied: Quantity demanded. What is the equilibrium quantity in this graph: 600. If the government set the price at $700, would that be a price ceiling or floor: Price Floor . Change in quantity demanded due to a change in price that alters a consumers real income : income effect . In Jim's household, everyone consumes and enjoys milk. Recently, the price on milk increased by two dollars, but despite this increase, Jim and his family still continue to buy the same amount of milk, for they consider it a necessity. Jim's family's demand for milk would be considered fairly: inelastic. When the price on Dasani bottle water decreased, Brad quit buying Nestle bottled water and switched over to Dasani. Brad's demand for Nestle water is fairly: elastic

Test your knowledge about The Law of Supply, and The Determinants of Demand. See how it impacts demand and test your knowledge!

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This supply and demand worksheet includes 20 questions to enhance your understanding of economics, pricing, and market behavior.

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A decrease in quantity demanded: results in a movement upward and to the left along a demand curve.. Which of the following would cause the demand curve to shift from Demand B to Demand C in the market for DVDs in the United States: a decrease in the price of DVD players. A decrease in the price of a good will: decrease quantity supplied.. Which of the following would not shift the supply curve for iphones: an increase in the price of iphones. The law of supply and demand asserts that: the price of a good will eventually rise in response to an excess demand for that good.

A market in which goods or services are bought and sold illegally: Black Market. The price where the quantity demanded and the quantity supplied are equal. The price where neither shortages nor surpluses exist: Equilibrium . A legally established maximum price for a good or service: Price Ceiling. Any legally set price for a good or service: Price Control. The amount by which the quantity demanded of a good or service exceeds the quantity supplied at a given price: Shortage. The amount by which the quantity supplied exceeds the quantity demanded at a given price: Surplus. A legally established minimum price for a good or service: Price Floor. Price ceilings cause shortages : when the maximum price is set below equilibrium. If a price ceiling is set above equilibrium: the market will control the price of gas.. When there are problems with supply, demand, or price: the market will fix those problems on its own.. Our policy should be focused on keeping the ___________ happy: voters. With a price ceiling below equilibrium we can not increase the price to increase production to solve the shortage problem, but we can: encourage users to use less. Adam Smith encourages a market economy to limit the role of the government, because when the government interferes in the economy there is a negative impact on: growth. When price goes up demand : goes down. When price goes down supply: goes down. Price controls make the economy more : fair.. Market controlled prices make the economy more: efficient.. Would you like a free point on this quiz: . Mr. Velasquez is: the best economics teacher I have ever had.

The amount of a good or service that is wanted is called:: demand. The amount of a good or service provided is called:: supply. The total value of goods and services produced within the a country during one year: . There are 4 _______________. They are land, labor, capital and entrepreneurship: Factors of Production . Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________: Capital. The study of how people seek ways to meet their wants and needs by making choices is called: Economics. The four factors of production. : Natural Resources, Labor, Capital, Entrepreneurship . This measurement is used to determine how well a country's economy is doing: Gross Domestic Product. Phrase that means how good a person's quality of life is: Standard of living. All of the following are possible costs of your decision to go away to college except: You will become more educated. What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired: Time. What is the best example of scarcity: The school parking lot only has 150 spaces but 200 students want to park there. You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost: $100. What factor of production does this picture represent: Labor. The basic problem of economics that develops because humans have unlimited wants but limited resources: Scarcity. The factor of production that includes the physical land and resources that come directly from the earth: Land. The limited availability of resources is known as..: Scarcity. A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario: Opportunity Cost. Which of the following is true: Needs and wants are unlimited but resources are limited

In pure competition, a large number of suppliers offer very similar products.  : True. A business in monopolistic competition has no control over price if it wants to sell its products.  : False. In a monopoly, customers will pay a higher price because there are no alternative products to those of the supplier.  : True. A cable television company usually operates in a pure competition environment.  : False. The airline industry is an example of an oligopoly.  : True. The most common type of economic competition facing most businesses is pure competition.  : False. Businesses in monopolistic competition should focus on making their products different from and better than competitors' products: True. Each product in a specific market has its own supply and demand curves.  : True. The market environment in which a business without competitors operates is : a monopoly . The market environment in which most retail businesses operate is : monopolistic competition. As a consumer, you will usually choose the  : option providing the most satisfaction at the best value  . In a market where demand exceeds supply  : all are correct 

Change in Supply: . Disequilibrium: Occurs when the forces of demand and supply do not balance, is indicated by a surplus or shortage.. Shortage: The quantity which results when demand exceeds or in excess of supply at a given market price.. Determinants of Supply: Factors that can shift the supply curve, which include: Change in the cost of resources used to make the good. Change in the price of other goods these resources could make. Change in technology used to make the good. Change in producers' price expectations.Change in number of sellers in the market.. Surplus: The excess quantity which results when supply exceeds demand at a given price.. Law of Supply: . Incentive: Economists assume human behavior reflects rational self interest and will pursue activities to increase utility, or satisfaction and happiness.. Profit: Equals total revenue, or total dollars received from consumers, minus total costs, or the cost of all resources used from a firm's production.. Price Ceiling: A maximum legal price a seller is permitted to charge.. Price Floor: A minimum legal price below which sellers may not change.. Competition: The opposite of a monopoly. The existence of a market with sufficient buyers and sellers so that no single buyer and seller can control the price.. Equilibirum: When the quantity that consumers are willing and able to buy equals the quantity that producers are willing and able to sell. Graphically, equilibrium is the point at which the two curves intersect.. Elasticity: A measure of responsiveness of consumers and producers to changes in price or quantity demanded.

Demand Curves: slope downward from left to right . Which of the following could increase demand for a good: all of the above. A shift of the demand curve represents: a change in demand. In economics, demand means: willingness and ability to buy a good. If the number of buyers in the market increases, which of the following will happen: The demand in the market will increase. What will happen in the car market if consumers expect higher prices in the near future: The demand for cars will increase. When goods are substitutes, which of the following occurs: The demand for one good moves in the same direction as the price of the other good. With complementary goods, which of the following occurs: The demand for one good moves in the opposite direction as the price of the other good. A normal good: will be in higher demand if a person's income increases. A change in quantity demanded can be caused by: price. If a decrease in income increases the demand for a good, the good is: inferior

At what point do supply and demand intersect on a curve: market equilibrium. What occurs when the price of a product is higher than the market equilibrium: surplus. Why does a surplus happen: prices are too high and there's too much supply. What is the simplest solution to a surplus: the producer lowers the price until the supply balances out to equilibrium. What causes a shortage: A product's price is lower than equilibrium with not enough supply. What are the 3 solutions for a shortage: allowing the price to rise to equilibrium. What is a price ceiling: It's a price below equilibrium . What is a price floor: a price above equilibrium. A price floor leads to a:: surplus

Which direction does the demand line go: down. Which direction does the supply line go: Up . The unique price and quantity established at the intersection of the supply and demand curves is called: Equilibrium . Points above the equilibrium point are considered to be a: Surplus. Points below the equilibrium point are considered to be a? : Shortage. This states that there is an inverse relationship between the price and quantity demanded, ceteris paribus: Law of Demand. This states that there is an inverse relationship between the price and quantity supplied, ceteris paribus: Law of Supply. What is the equilibrium point:

Price ceiling is located above the equilibrium price. : False. Price ceiling is a legal maximum price for a product. : True. If the Market price is $50,, which of the following is True of Quantity Supplied and Quantity Demanded: . Which of the following is an argument supporting an increase to the minimum wage: Wages have not kept pace with increases in worker productivity.. the lowest legal price that can be paid for a product: price floor. If the government creates a price ceiling of $30, which one of the following statements is correct: There is a shortage of 100. If the government set the price at $700, would that be a price ceiling or floor: Price Floor . What would result if the price were set at $1.75: Surplus, Quantity Supplied is greater. A _______ _______ is an unincorporated business that has just one owner: sole proprietorship. An ___________ is when a few companies have significant control over a given market: oligopoly. Shortages, lower quality goods, and increased search costs, are all associated with: Price ceilings. The image here is an example of a ________, which causes a _________: Price Floor: Surplus. A ________ is a business entity that is owned by its shareholders: corporation. Price when quantity supplied equals quantity demanded; a price that clears the market: Equilibrium Price

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