Supply & Demand

Flashcard
•
Social Studies
•
12th Grade
•
Hard
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17 questions
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1.
FLASHCARD QUESTION
Front
For the law of demand, as price rises, what happens to quantity demanded?
Back
it goes down
2.
FLASHCARD QUESTION
Front
For the law of supply, as price rises, what happens to quantity supplied?
Back
it goes up
3.
FLASHCARD QUESTION
Front
When quantity supplied and quantity demanded is equal
Back
equilibrium
4.
FLASHCARD QUESTION
Front
What does this curve represent? Options: demand, supply, equilibrium, shortage
Back
supply
5.
FLASHCARD QUESTION
Front
What does this curve represent? Options: supply, equilibrium, demand, surplus
Back
demand
6.
FLASHCARD QUESTION
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.
7.
FLASHCARD QUESTION
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.
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