Supply and Demand Review

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

For the law of supply, as price rises, what happens to quantity supplied?

Back

it goes up

Front

What does this curve represent? Options: demand, supply, equilibrium, shortage

Back

supply

Front

What does this curve represent? Options: supply, equilibrium, demand, surplus

Back

demand

Front

The diagram represents a

Back

increase in demand

Front

The diagram represents a(n): increase in supply, decrease in supply, change in quantity supplied, none of the above

Back

increase in supply

Front

A change in the number of consumers.

Back

Shift in Demand

Front

A change in the cost of inputs.

Back

Shift in Supply