Microeconomics Review

Front

The graph represents: Demand or Supply?

Back

Demand

Front

Law of demand says if the price of pizza falls, the demand for pizza will what?

Back

Increase

Front

What kind of graph is this? Supply, Demand

Back

Supply

Front

The Law of Supply states: as price increases, supply increases

Back

as price increases, supply increases

Front

What is quantity of a good or service that producers sell at a market price?

Back

supply

Front

When the demand of goods is greater than producers are willing to sell is called?

Back

Shortage

Front

What is Equilibrium?

Back

Price that buyers & sellers will accept

Front

What states as the price of a good rises the number of goods consumers are willing and able to buy will decrease?

Back

Law of Demand

Front

What shows all the quantities of a good, service or resource sellers are willing and able to supply at each price?

Back

Market Supply Curve

Front

What shows all the quantities of a good, service, or resource buyers are willing and able to buy at each price?

Back

Market Demand Curve