Unit 2 vocab quiz Supply and Demand

The difference between the amount supplied and the amount demanded when the asking price is greater than a market-clearing price is called...

• Surplus

• Shortage

• Substitutes

• Rationing

Quantities of a particular good or service consumers are willing and able to buy at different prices at a particular time is called...

• Price Elasticity of Demand

• Law of Demand

• Demand

• Market Demand

The total of all individual demands of all consumers in a given market at a particular time is called...

• Demand

• Market Clearing Price

• Law of demand

• Market Demand

The quantity of goods and services a person can buy with a given amount of money is called...

• Buying power

• Market Clearing Price

• Price Effect

• Diminishing Marginal Utility

A situation in which quantity demanded is greater than quantity supplied is called...

• Surplus

• Rationing

• Substitutes

• Shortage

The point reached when additional unit of a product consumed is less satisfying than the one before it is called...

• Market Demand

• Demand

• Law of Demand

• Diminishing Marginal Utility

Quantities of a good or service that producers are willing and able to provide at a particular time at various prices is called...

• Demand

• Supply

• Law of Demand

• Market Supply

A good or service that can replace another good or service is called...

• Surplus

• Shortage

• Substitutes

• Rationing

Allocating a limited supply of a good or resource among people who would like to have more than is available is called...

• Surplus

• Rationing

• Shortage

• Substitutes

Products that are often used together are called...

• Substitutes

• Complementary Goods

• Supply

• Market Demand