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- 1. Multiple Choice
The total amount of a product (good or service) available for purchase at any specified price.
Supply
Demand
Equilibrium
- 2. Multiple Choice
A consumer's desire and willingness to pay a price for a specific good or service.
Supply
Demand
Equilibrium
- 3. Multiple Choice
The quantity demanded and quantity supplied are equal. There is neither a surplus or a shortage.
Supply
Demand
Equilibrium
- 4. Multiple Choice
Law of Supply
the quantity supplied of a good rises when the price of the good rises
the quantity demanded of a good falls when the price of the good rises
- 5. Multiple Choice
Law of Demand
the quantity supplied of a good rises when the price of the good rises
the quantity demanded of a good falls when the price of the good rises
- 6. Multiple Choice
What quantity of chocolate bars are demanded by consumers at a price of 20 cents each?
4
6
8
10
- 7. Multiple Choice
What quantity of chocolate bars will producers supply for a price of $1 each?
4
6
8
10
- 8. Multiple Choice
What is the market equilibrium price?
50 cents
60 cents
80 cents
$1
- 9. Multiple Choice
What is the quantity supplied and demanded at the market equilibrium price?
2
6
8
10
- 10. Multiple Choice
At a price of $4, what is the quantity producers will supply?
60
50
30
10
- 11. Multiple Choice
At a price of $5, what is the quantity consumers will demand?
10
30
50
60
- 12. Multiple Choice
What is the market equilibrium price for this product?
~ $1.50
~ $2.30
~ $1
~ $5
- 13. Multiple Choice
What is the quantity supplied and demanded at market equilibrium price?
~ 52
~ 34
~ 10
~ 60
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