Supply & 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

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

Back

supply

Front

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

Back

demand

Front

Supply is how much a producer (a business) is able and willing to make for sale to consumers.

Back

how much a producer (a business) is able and willing to make for sale to consumers.

Front

Assume the image is showing the market for apples. Which of the headlines could indicate the pictured shift is occurring in the market? Pesticides on apples linked to mouth cancer. Storms destroy apple orchards. An apple a day really does keep the doctor away. New genetic strain leads to apple trees that produce twice as many apples.

Back

Storms destroy apple orchards.

Front

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

Back

Change in cost of production

Front

Assume the image is showing the market for apples. Which of the headlines could indicate the pictured shift is occurring in the market? Pesticides on apples linked to mouth cancer. Storms destroy apple orchards. An apple a day really does keep the doctor away. New genetic strain leads to apple trees that produce twice as many apples.

Back

Storms destroy apple orchards.

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