1) Law of Demand a) Price increases quantity demanded decreases b) Price decreases quantity demanded decreases c) Price increases quantity supplied increases 2) Law of Supply a) Price increases quantity demanded increases b) Price decreases quantity supplied decreases c) Price increases quantity demanded increases 3) Surplus a) Where the quantity demanded is greater than the quantity supplied. b) When the quantity demanded equals the quantity supplied. c) An excess of production or supply over demand. 4) Shortage a) When the quantity demanded equals the quantity supplied. b) An excess of production or supply over demand. c) Where the quantity demanded is greater than the quantity supplied. 5) Equilibrium Price a) An excess of production or supply over demand. b) When the quantity supplied is greater than the quantity demanded c) When the quantity demanded equals the quantity supplied. 6) What is the equilibrium price according to this graph? a) $8 b) $10 c) $6 d) $2 7) What is the equilibrium quantity according to this graph? a) 3,000 b) 2,000 c) 1,000 d) 6,000 8) What price would create a surplus of socks according to the graph? a) $8 b) $6 c) $4 9) What price would create a shortage of socks according to the graph? a) $4 b) $10 c) $8 d) $7 10) The red line is the _______ curve. a) Supply b) Demand 11) The blue line is the ________ curve. a) Supply b) Demand 12) Doctor's say the more pizza you eat throughout your life the shorter your lifespan will be. Which Determinant? a) Change in taste and preference b) Number of Producers c) Number of Consumers d) Change in future expectations

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