Economics: Unit 3B Vocabulary Quiz

As price rises, the quantity a seller is willing and able to sell will increase

• Demand
• Law of Supply
• Law of Demand
• Supply

Amount of a good, service, or resource buyers are willing and able to buy at one specific price

• Demand
• Supply
• Quantity Demanded
• Quantity Supplied

A price set above equilibrium price

• Price Floor
• Price Ceiling
• Market Clearing Price
• Price

Equilibrium price

• Price Floor
• Price Ceiling
• Market Clearing Price
• Price

Provides the data you use to create a supply curve

• Supply
• Supply Schedule
• Demand
• Demand Schedule

The quantity a seller is willing and able to sell at each price

• Supply
• Price Ceiling
• Equilibrium Price
• Demand

The quantity a consumer is willing and able to purchase at each price

• Supply
• Demand
• Market Supply Curve
• Market Demand Curve

All the quantities of a good, service, or resource sellers are willing and able to sell at each price

• Market Demand Curve
• Demand
• Market Supply Curve
• Supply

As the price of a good rises, the quantity of the good consumers are willing and able to buy will decrease

• Law of Demand
• Supply
• Law of Supply
• Demand

A price set below the equilibrium price

• Market Clearing Price
• Price Ceiling
• Price
• Price Floor