Supply and Demand

Front

What exists when quantity supplied is greater than quantity demanded?

Back

Surplus

Front

When is a market said to be in equilibrium?

Back

When the demand and supply quantities are equal.

Front

Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...

Back

shortage

Front

What happens to price when the market has a surplus?

Back

Price drops.

Front

This part of the market determines DEMAND

Back

buyers

Front

This part of the market determines SUPPLY

Back

sellers

Front

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

Back

it goes down

Front

When quantity supplied and quantity demanded is equal

Back

equilibrium

Front

The diagram represents a

Back

increase in demand

Front

What does this graph show?

Back

Surplus