Supply/Demand Flashcardizz

Front

The Demand Curve

Back

A graphical representation of the demand schedule, ALWAYS downward sloping

Front

Supply

Back

The amount of goods and services that sellers are willing and able to sell in the market place

Front

Market

Back

A group of consumers

Front

Price Floor

Back

The lowest a product can be sold for, as set by the government; always causes a surplus (ex: minimum wage caused a surplus of unneeded workers)

Front

Shortage

Back

Not enough of a product to satisfy the amount demanded by the consumer; puts upward pressure on price; forces them up

Front

Equilibrium

Back

The point of balance where supply and demand curves intersect

Front

A market in which a single seller dominates:

Back

Monopoly

Front

What would be an example of a type of a NATURAL monopoly? Options: Coco-Cola, The WNBA, City Water Company, WRIC in Richmond

Back

City Water Company

Front

This is an illegal practice of competing firms working together to set prices:

Back

Collusion

Front

Law of Supply

Back

Direct relationship between price and quantity supplied