Supply and Demand

Front

This part of the market determines SUPPLY

Back

sellers

Front

The Law of Supply states:

Back

as price increases, supply increases

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

Front

Which of the following is NOT a determinant of the supply of peanut butter?

• The price of peanuts
• The wages of peanut butter factory workers
• The income of peanut butter consumers
• Existing peanut butter making technology

Back

The income of peanut butter consumers

Front

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

Back

decrease in the quantity supplied.

Front

According to the law of supply, as a good's price rises

Back

quantity supplied increases.

Front

Which letter shows the equilibrium?

Back

C

Front

What is the ideal price for a good or service based on supply and demand?

Back

Equilibrium Price

Front

What causes movement along a supply or demand curve?

Back

Price

Front

Consumers buy more of something when it costs less.

Back

Law of demand