Supply, Demand, & Elasticity

What are the various amount of goods called which are offered for sale at various prices?

• demand items

• supply

• utility

• curves

What does the supply curve reveal in its graphical depiction?

• the relationship between price and quantity supplied

• the amount of money that causes the supply to rise

• the number of times the product is in demand before supplied

• the amount of time the prices rise and then lower dramatically

What does the law of supply state?

• It states that there is never an inadequate supply of products in a production line.

• It states that demand is always more important than getting the supply large for consumers.

• It states that as market prices of goods increases, the quantity supplied to the market increases.

• It states that as the market prices decreases, the quantity supplied to the market plummets.

How is demand defined?

• It is the amount of items inventoried in a facility with higher prices.

• It is the same as supply in how it is determined by pricing the goods.

• It is like the goods and services available to all consumers.

• It is the various amounts of goods purchased at various prices.

How is utility used in supply and demand?

a)It refers to the amount of satisfaction received from consuming a good or service.

b)It is the number of times a good increases in its price causing the demand to lower.

c)It is the amount of time a good or service remains steady in the marketplace.

d)It refers to the amount of supply provided for an given good or service.

• It refers to the amount of satisfaction received from consuming a good or service.

• It is the number of times a good increases in its price causing the demand to lower.

• It is the amount of time a good or service remains steady in the marketplace.

• It refers to the amount of supply provided for a given good or service.

What is the law called that states when the market price of a good or service increases, the quantity demanded of the good or service decreases, ceteris paribus?

• law of supply

• law of demand

• law of utility

• law of equity

What does ceteris paribus mean in terms of supply and demand?

• It means the lifting of all taxes of a good or service.

• It means  the amount of goods produced over time.

• It means the number of goods that are not demanded.

• It means that everything else is held constant.

When there is a shift in supply, what is occurring?

a)there have been advancements in supply costs and demand costs

b)there is no supply available at this time so there is no equity in costs

c)there are no extra goods produced in a short time for sale

d)there is more or less of a good or serviced offered for sale at the same price

• there have been advancements in supply costs and demand costs

• there is no supply available at this time so there is no equity in costs

• there are no extra goods produced in a short time for sale

• there is more or less of a good or service offered for sale at the same price

What is an item called that is used in conjunction with another good?

• supplemental

• complimentary

• unitary

• demanding

How does a consumer see or view a substitute good?

• as a complimentary good or service

• as a good that cannot be replaced

• as the same or similar to another good

• as a cultural type of product that is limited