
Ch. 3 (Part 3) Prices
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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30 questions
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1.
FLASHCARD QUESTION
Front
Equilibrium price is the price at which the quantity of a product demanded by consumers and the quantity supplied by producers
Back
are equal.
2.
FLASHCARD QUESTION
Front
On the market demand and supply graph, the vertical axis shows
Back
prices.
3.
FLASHCARD QUESTION
Front
On the demand and supply graph, the horizontal axis shows
Back
quantity.
4.
FLASHCARD QUESTION
Front
On the market demand and supply graph, the point of market equilibrium always happens
Back
where the demand and supply curves intersect.
5.
FLASHCARD QUESTION
Front
When there is a shortage, producers raise prices in an attempt to
Back
equalize the quantity supplied and demanded.
6.
FLASHCARD QUESTION
Front
Suppliers often reduce prices when they have a surplus of products to sell.
Back
have a surplus of products to sell.
7.
FLASHCARD QUESTION
Front
In the price system of a market economy, prices are determined by
Back
market forces.
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