Mr. Dunn's Supply and Demand Review

Front

What is the Equilibrium Point in Supply and Demand?

Back

The Equilibrium Point is where supply and demand meet, indicating the best price points for consumers and producers.

Front

What does Supply refer to?

Back

Supply refers to how much of a product or service is available.

Front

What happens to prices when demand is high?

Back

When demand is high, prices will be at their highest point.

Front

What is Competition in the market?

Back

Competition occurs when multiple businesses offer similar products or services, affecting demand for each.

Front

What does Demand refer to?

Back

Demand refers to how much someone wants a product or service.

Front

How do producers determine fair prices?

Back

Producers determine fair prices by analyzing data on where supply and demand meet.

Front

What effect does increased competition have on demand?

Back

Increased competition can lower demand for a product as consumers have more options.

Front

What is a market?

Back

A market is a place where buyers and sellers come together to exchange goods and services.

Front

What is the relationship between Supply and Demand?

Back

Supply and Demand are inversely related; as supply increases, demand typically decreases, and vice versa.

Front

What is a price ceiling?

Back

A price ceiling is a maximum price set by the government that can be charged for a product.