Microeconomics - Black

The graph illustrates a ...

• Demand Curve
• Supply Curve
• Equilibrium
• Price Ceiling

When the demand for a product or service is higher than the supply this causes what?

• shortage
• consumer
• surplus
• equilibrium

A person or company that makes, grows, or supplies goods to sell is called the?

• damand
• price
• producer
• shortage

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

An individual or group who purchases goods.

• producer
• consumer
• goods
• services

The point where supply and demand are balanced is?

• product
• demand
• surplus
• equilibrium

When there is a shortage the price will usually? 

• rise
• fall
• remain the same
• equilibrium

When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 

• rise
• fall
• stay the same
• Consumer

A change in quantity demanded is shown

• at various points on the demand curve
• with a new demand curve drawn above or below the original demand curve
• with a vertical line

If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 

• desire
• demand
• GDP
• scarcity