CE.12b

Front

The law of demand states that if the price of CD’s rise, consumers will

Back

Buy fewer CDs

Front

The law of supply states that if the price of CD’s rise, suppliers will

Back

Supply more CDs

Front

The desire or willingness a consumer has to purchase a good or a service is called?

Back

demand

Front

For the law of demand, as price rises, what happens to quantity demanded?

Back

it goes down

Front

For the law of supply, as price rises, what happens to quantity supplied?

Back

it goes up

Front

When quantity supplied and quantity demanded is equal

Back

equilibrium

Front

Which of the following best refers to the market equilibrium price? Options: Surpluses depress the number of goods supplied., Shortages and surpluses will have no effect on the market., The government will not intervene in the market., The quantity demanded is the same as the quantity supplied.

Back

The quantity demanded is the same as the quantity supplied.

Front

What is equilibrium price?

Back

The price where supply and demand intersect.

Front

What is the equilibrium price?

Back

Equilibrium price: $20

Front

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

Back

demand goes up