DEMAND, SUPPLY AND EQUILIBRIUM

an economic principle that refers to a consumer's desire and willingness to pay for a specific good or service.

(a)  

drawn as 'upward slopping' due to this positive relationship between price & quantity supplied.

(a)  

The ___________ states that the quantity supplied for a good rise as the price rises.

• law of demand

• supply curve

• law of supply

• supply demand

refers to a situation in which the price has reached the level where quantity supplied equals quantity demanded.

(a)  

Enumerate the Change in Demand

• Consumer Income

• Opportunity Cost

• Prices of Related Goods

• Population

• Taxes and Subsidies

It measures the amount of products that people are willing to buy.

(a)  

What type of slope was the demand curve in the given example?

(a)  

It talks about the amount of available goods that producer is selling.

(a)  

Price ceiling prevents a price from falling below a given level.

• TRUE

• FALSE

The law of supply states that as a price rises, quantity supplied also (a)   , and vice versa.