Unit 3 - Supply and Demand

What does this curve represent? Options: demand, supply, equilibrium, shortage

What does this curve represent? Options: supply, equilibrium, demand, surplus

A change in quantity demanded is shown

Consuming more of one good because of a change in price of another good is known as the

For the law of demand, as price rises, what happens to quantity demanded?

For the law of supply, as price rises, what happens to quantity supplied?

Market clearing price means the same thing as equilibrium

Pencils and pens are substitutes

A change in taste and style would result in a...

The situation that exists when quantity demanded changes greatly in response to a change in price.