A.P. Microeconomics

Front

What is market?

Back

A group of buyers and sellers of a particular good and service

Front

What is competitive market?

Back

Market in which there are many buyers and sellers; negligible impact on market price; price and quantity are determined by all buyers and sellers.

Front

Quantity Demanded is...

Back

An amount of a good that buyers are willing to and able to purchase

Front

What are the variables of the demand curve?

Back

Tastes, Expectations

Front

What will happen to the price & quantity of pizzas if a new study shows pizza is the ultimate health food?

Back

Price-Increase & Quantity-Increase

Front

A listing of the specific quantities that would be purchased at various prices is known as....

Back

Demand Schedule

Front

On the market demand and supply graph, the vertical axis shows __________________.

Back

prices.

Front

On the demand and supply graph, the horizontal axis shows ________________.

Back

quantity.

Front

On the market demand and supply graph, the point equilibrium always happens

Back

where the demand and supply curves intersect.

Front

A surplus happens when

Back

prices are too high relative to consumer demand.