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- 1. Multiple ChoiceA group of buyer and sellers of a particular good or serviceSupplyDemandAgencyMarket
- 2. Multiple ChoiceThis part of the market determines DEMANDbuyerssellerssuppliersstore owners
- 3. Multiple ChoiceThis part of the market determines SUPPLYbuyerssellersconsumersus
- 4. Multiple ChoiceFor the law of demand, as price rises, what happens to quantity demanded?it goes upit goes downit stays the sameit is not effected
- 5. Multiple ChoiceFor the law of supply, as price rises, what happens to quantity supplied?it goes upit goes downit stays the sameit is not effected
- 6. Multiple ChoiceWhen quantity supplied and quantity demanded is equalsurplusshortageequilibriumlaw of demand
- 7. Multiple ChoiceIf a price is above equilibrium price, it creates a...shortagesurplusmarket pricedemand
- 8. Multiple ChoiceIf a price is below the equilibrium price it creates a...shortagesurplusmarket pricesupply
- 9. Multiple Choice
What does this curve represent?demandsupplyequilibriumshortage - 10. Multiple ChoiceWhat does this curve represent?supplyequilibriumdemandsurplus
- Answer choicesTagsAnswer choicesTags