Law of Supply and Demand

Presentation

•

Social Studies

•

4th - 8th Grade

•

Hard

Joseph Anderson

FREE Resource

15 Slides • 9 Questions

Supply, Demand, and Price

Open Ended

What could a government do to increase the demand for wind-produced energy?

Type response here

Multiple Choice

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

The demand will probably go up

The demand will probably go down

Multiple Choice

The point where supply and demand are balanced

shifters

equilibrium

surplus

shortage

Multiple Choice

When the demand for a product or service is higher than the supply this causes what?

shortage

consumer

surplus

equilibrium

Multiple Choice

Farmers in California have had wonderful weather. They have produced the largest crop of strawberries in years. What will happen to the price of strawberries?

The price will go up.

The price will go down.

Multiple Choice

Which of the following could cause the demand for airline travel to decrease?

The price for traveling by airplane decreases

The price of traveling by airplane remains the same

The price for traveling by airplane increases

None of the choices

Multiple Choice

Part of the reason that LeBron James earns millions of dollars each year while school teachers may earn $30,000 is because…

consumers enjoy basketball to the point that they are willing to spend lots of money and time attending games and watching commercials.

the supply of superstar basketball players is low, while the supply of competent teachers is much larger.

demand for LeBron James' talents is very high since he can generate so much revenue for a firm.

all of the choices

Multiple Choice

For the law of demand, as price rises, what happens to quantity demanded?

it goes up

it goes down

it stays the same

it is not effected

Multiple Choice

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

Supply increases.

Supply decreases.

Demand increases.

Demand decreases

Supply, Demand, and Price

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