Supply & Demand Unit 2 Review

Front

What does this graph show? Options: Shortage, Surplus, Supply Table, Equilibrium

Back

Surplus

Front

What is the Equilibrium Price?

Back

The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers.

Front

Goods that are bought and used together are

Back

complementary goods

Front

The diagram represents a(n)

Back

increase in supply

Front

The diagram represents a

Back

increase in demand

Front

Assume the image is showing the market for apples. Which of the headlines could indicate the pictured shift is occurring in the market? Options: Pesticides on apples linked to mouth cancer., Storms destroy apple orchards., An apple a day really does keep the doctor away., New genetic strain leads to apple trees that produce twice as many apples.

Back

Storms destroy apple orchards.

Front

The Law of Demand says that price and quantity have a(n)

Back

inverse relationship

Front

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

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