Supply and Demand part 2

Front

On a graph, supply and demand intersect at equilibrium.

Back

True

Front

On a supply and demand graph, a shift in the curve represents what?

Back

A change in an underlying condition.

Front

What happens when the quantity demanded for a good is less than the quantity supplied?

Back

A surplus will occur and prices will decrease.

Front

What happens when the quantity supplied is greater than the quantity demanded?

Back

A surplus will occur and prices will decrease.

Front

When a curve shifts to the right on a graph, this means that the quantity demanded or the quantity supplied has increased.

Back

True

Front

When a curve shifts to the left on a graph, what does it mean?

Back

The quantity supplied or the quantity demanded has decreased.

Front

A shift of a supply or demand curve can be caused by influencers such as income of buyers and number of sellers.

Back

True

Front

A shift along a curve has to do with

Back

price.

Front

Underlying conditions such as number of sellers and the cost of input resources impact:

Back

supply.

Front

Underlying conditions such as income of buyers and tastes and preferences of buyers impact

Back

Demand.