Economics Flashcard

Front

If the price of a good or service goes down, what happens to the demand for that good or service?

Back

Demand goes up

Front

What does the graph below represent?

Back

Change in quantity supplied

Front

Given the graph that follows. What will happen to equilibrium price and quantity?

Back

Price will increase and quantity increase

Front

Given the graph below, how many cup holders are producers willing to supply at a price of $3.00?

Back

3000

Front

What does the graph above show?

Back

Shortage

Front

The price ceiling shown below

Back

Causes a shortage of 45 units

Front

Point at which supply and demand come together

Back

Equilibrium

Front

When quantity demanded is more than quantity supplied, we have what is called?

Back

Excess demand

Front

When quantity supplied is not equal to quantity demanded

Back

Disequilibrium

Front

Legal maximum that can be charged for a good

Back

Price ceiling