Economics Practice 5: Supply, Demand, and Price Exercise

Economics Practice 5: Supply, Demand, and Price

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Economics Practice 5: Supply, Demand, and Price

Examine how supply and demand work together to influence the prices of goods and services.

Questions

  1. MultiChoice

    What happens to the price of a toy if supply is low but demand is very high?

  2. MultiChoice

    What happens to the price of watermelons when supply is huge but demand is low?

  3. WordsBox

    High demand and low supply cause prices to ____ while high supply and low demand cause prices to ____

  4. MultiChoice

    If everyone wants a rare trading card with low supply, the card will likely be...

  5. MultiChoice

    What is equilibrium price?

  6. MultiChoice

    If a store has 100 winter coats left in spring and nobody is buying them, what will the owner do?

  7. WordsBox

    When supply equals demand, the market is in ____ and prices stay ____

  8. MultiChoice

    Why do stores hold clearance sales?

  9. MultiChoice

    If a bad storm destroys the corn crop (low supply), what will happen to corn prices?

  10. WordsBox

    A shortage occurs when ____ is greater than ____

  11. MultiChoice

    What is a market surplus?

  12. MultiChoice

    If 20 children want slices of pizza but there are only 5 slices left, what exists?