Economics 2024 Final

Front

What does this graph represent? Options: Supply curve, demand curve, surplus, shortage

Back

Supply curve

Front

What does p1 represent? Options: Supply, Demand, Shortage, surplus

Back

surplus

Front

What does P1 represent? Options: supply, demand, shortage, surplus

Back

shortage

Front

What does the intersection represent?

Back

equilibrium

Front

What does the graph represent? Options: supply curve, demand curve, shortage, Surplus

Back

demand curve

Front

What do we call where the supply and demand curves meet?

Back

Equilibrium

Front

When price goes up supply increase. What is this idea known as?

Back

Law of supply

Front

When price goes up demand decrease. What is this idea known as?

Back

Law of demand

Front

When the price is below equilibrium it creates a

Back

Shortage

Front

When the price is above equilibrium it creates a

Back

Surplus