Economics: Supply an Demand

Front

The law of demand argues that as prices rise

Back

the quantity demanded will fall

Front

The 'law of supply' suggests that

Back

price and quantity supplied are directly related

Front

This part of the market determines DEMAND: buyers, sellers, suppliers, store owners

Back

buyers

Front

This part of the market determines SUPPLY

Back

sellers

Front

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

Back

demand

Front

The diagram represents a

Back

increase in demand

Front

What is the Equilibrium Price?

Back

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers.

Front

Which of the following will cause an increase in demand for snowboards? Options: More costly production methods, A decrease in the price of lift tickets at resorts in Colorado, A decrease in consumer income, A decrease in the population

Back

A decrease in the price of lift tickets at resorts in Colorado

Front

The movement from Point A to Point B represents a(n)

Back

decrease in the quantity supplied.

Front

Which of the following would not shift the supply curve for iphones? Options: an increase in the price of iphones, a decrease in the number of sellers of iphone, an increase in the price of plastic, an input into the production of iphones, an improvement in the technology used to produce iphones

Back

an increase in the price of iphones