Supply and Demand

The quantity supplied and the quantity demanded are equal

• Equilibrium

• Demand Curve

• Supply Curve

• Maximum Capacity

ceteris paribus assumption.

• A surplus in the market

• A shortage in the market

• People act in the interest of others

• All things being equal

Which of the following is not a main factor that shifts demand

• Government Regulations

• Education and training

• Technology

• Ceteris Paribus

Which of the following is NOT a factor that shifts supply

• Consumer Opinion

• Government Policies

• Required Education

• Number of workers

Minimum wage is an example of a

• Price Ceiling

• Price Floor

• Equilibrium

• A Change in Demand

When the elasticity of demand is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price

• elastic supply

• elastic demand

• inelastic demand

• unitary elasticity

When the elasticity of either supply is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price

• price elasticity of demand

• price elasticity of supply

• unitary elasticity

• elastic supply

An economics concept that measures responsiveness of one variable to changes in another variable

• Price Floor

• Price Ceiling

• Elasticity

• Unitary Elasticity

When the calculated elasticity is equal to one indicating that a change in the price of the good or service results in a proportional change in the quantity demanded or supplied

• Price elasticity of supply

• Unitary Elasticity

• Elastic supply

• Ceteris Paribus

The way in which different workers divide required tasks to produce a good or service

• Price floor

• Elasticity

• Economies of Scale

• Division of Labor