Supply, Demand and Elasticity

A group of buyer and sellers of a particular good or service

• Supply
• Demand
• Agency
• Market

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

For the law of supply, as price rises, what happens to quantity supplied?

• 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

If a price is above equilibrium price, it creates a...

• shortage
• surplus
• market price
• demand

If a price is below the equilibrium price it creates a...

• shortage
• surplus 
• market price 
• supply

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus