Supply, Demand, & Market Equilibrium

Front

This part of the market determines DEMAND: buyers, sellers, suppliers, store owners

Back

buyers

Front

This part of the market determines SUPPLY: buyers, sellers, consumers, us

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

When quantity supplied and quantity demanded is equal

Back

equilibrium

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

This graph represents...?

Back

Changes in demand

Front

This graph represents...?

Back

Changes in supply

Front

If the supply curve on this graph represents iPhones, what would cause the change from S to S1 (red to purple line)?

Back

An increase in the cost of producing an iPhone