Economics - Supply and Demand

Front

What does the law of demand state?

Back

When the price goes down, people buy more

Front

What does the law of supply state?

Back

When the price goes up, producers supply more

Front

What is the equilibrium price and quantity on a supply and demand graph?

Back

Price where supply equals demand, Quantity where demand equals supply

Front

The BLUE curve represents which of the following? Supply Schedule, Supply Curve, Demand Schedule, Demand Curve

Back

Demand Schedule

Front

The RED curve represents which of the following?

Back

Supply Curve

Front

Where the red and blue curves meet is known as what?

Back

Equilibrium

Front

When buyers purchase exactly as much as sellers are willing to sell, what condition occurs in the market?

Back

market equilibrium

Front

Supply has a ________________ relationship between price and quantity supplied.

Back

direct

Front

The amount of “stuff” that is produced by firms and offered for sale.

Back

supply

Front

Consumers buy more of a good when its price decreases and less of a good when its price increases. This is known as...

Back

The Law of Demand