Module 5 Lesson 4

Front

What is the "Market Equilibrium Price"?

Back

The point where supply and demand reach a balance.

Front

What term is used for the want, willingness, and resources to buy a good or service?

Back

Demand

Front

What is the term for the amount of goods demanded which is greater than the number of goods produced?

Back

Shortage

Front

What is the effect on the supply of Doritos when other consumers buy them at the sale price?

Back

Supply decreases

Front

What is the term for the concept where every other chip option is priced over $2.50?

Back

Price competition

Front

Do supply and demand always reach a balance?

Back

No, they do not always reach a balance.

Front

If the curves of the graph shift to the left, what does it indicate?

Back

Decrease in supply or demand

Front

What is one effect of a decrease in demand? Options: Surplus, Shortage, Price increase, Market expansion

Back

Surplus

Front

At the farmers market, what happens when watermelons reach their equilibrium price?

Back

Customers will buy all of the melons that farmers are selling.

Front

When supply and demand levels are graphed together, the perfect price is where the curves cross, also known as the ___

Back

equilibrium price