Economics: Supply & Demand

What does this graph represent?

• Equilibrium

• Shortage

• Demand

• Supply

If the demand for a good increases when people's incomes increase,

• The good is a normal good

• The good is an inferior good

• The good’s demand curve shifts to the left

• The good’s demand curve Stays the same

Diminishing marginal utility or benefit suggests that the satisfaction of consuming most goods or services ​ _____ the more we consume it.

• Decreases

• Increases

When a company has more quantity supplied than quantity demanded, this is known as a _________. 

• Shortage

• Equilibrium

• Surplus

• Disequilibrium

This graph represents...?

• Changes in quantity demanded

• Changes in supply

• Changes in quantity supplied

• Changes in demand

What does area B show?

• Shortage

• Market Equilibrium

• Surplus

• Equilibrium Price

When supply decreases, the supply curve shifts left and intersects the demand curve at _____ point.

• The same

• A lower

• A Higher

The supply curve slopes _______.

Market size is a factor that affects _____.

• Quantity Demanded

• Demand

• Quantity Supplied

• Supply

When the quantity demanded for redbulls exceeds the quantity supplied of supermarkets, this is an example of _____.

• Shortage

• Equilibrium

• Surplus