Fi/take
Word Bank Matching (be sure to use the exact word(s) with correct spelling to avoid missing the
answer): Law of Demand; Law of Supply; Surplus; Shortage; deadweight loss; Quantity
Supplied; Supply; Quantity Demanded; Demand; Consumer Surplus; Producer Surplus; Total
Surplus.
1. Chrimly wants to purchase tulip seeds to plant in the garden. If the price is $1 per pack of
seeds, Chrimly will be 3 packs.
If the price falls to $0.50 per pack of tulips, we expect consumers like Chrimly to buy
more seeds because of the
[Select]
o At a price of $1, Chrimly buys 3 packs of tulip seeds. The 3 packs can be referred to as
Chrimly's [Select]
when the price is $1.
• Imagine Chrimly gets a call from his spouse who says they have space to plant more
tulips this year. Now
Chrimly would buy 5 packs at a price of $1. Chrimly's
2.0 deli
[Select]
has increased.