Markets Review (Vocab, Graphs, Curves)

Front

What does this graph show? Options: Shortage, Surplus, Supply Table, Equilibrium

Back

Surplus

Front

If a price floor was set at 320, what quantity would be purchased?

Back

20

Front

What causes the change in sales at the local grocery store when thousands of people leave a small town due to a factory closing down?

Back

Change in the number of buyers

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

The market equilibrium price is the price at which

Back

the quantity demanded is the same as the quantity supplied

Front

What is the Equilibrium Price?

Back

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers.

Front

When there is a shortage the price will usually?

Back

rise

Front

Goods that are bought and used together are

Back

complementary goods

Front

The diagram represents a(n)

Back

increase in supply

Front

Which of the following is likely to increase the demand for peanut butter? Options: Fewer children in the population, News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months., A big increase in the price of jelly., A report from the Surgeon General of the United States that eating peanut butter makes people nutty.

Back

News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.