Economics: Micro 2

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us

For the law of demand, as price rises, what happens to quantity demanded?

• it goes up
• it goes down
• it stays the same
• it is not effected

When quantity supplied and quantity demanded is equal

• surplus
• shortage
• equilibrium
• law of demand

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

Goods that are bought and used together are 

• complementary goods
• substitute goods
• income goods
• unrelated goods

The diagram represents a

• increase in demand
• decrease in demand
• change in quantity demand
• none of the above

What does this graph show?

• Shortage
• Surplus
• Supply Table
• Equilibrium

The market equilibrium price is the price at which

• surpluses depress the number of goods supplied
• shortages and surpluses will have no effect on the market
• the government will not intervene in the market
• the quantity demanded is the same as the quantity supplied

The diagram represents a

• increase in demand
• decrease in demand
• change in quantity demand
• none of the above