Price, Equilibirum , Supply and Demand

The amount of money exchanged for a good or service.

• Competition

• Price

• Supply

• Demand

What determines who acquires goods and services?

• Quantity

• Demand

• Price

• Supply

What is the amount of a good or service that consumers are willing and able to buy?

• Supply

• Competition

• Demand

• Sovereignty

Law of Demand says:

• Consumers will buy at higher prices no matter what

• Producers will make unwanted goods

• Consumers will buy more of a good or service at a lower price

• Consumers will only by when incentives are given

Law of Supply says:

• Producers will make less of a good or service and sell at a higher price

• Consumers only purchase when incentives are given

• Consumers will purchase at any price

• Producers will produce more of a good or service when they can sell at a higher price

The amount of a good or serve that producers are willing and able to offer at a price at a given time.

• Demand

• Supply

• Money

• Resources

When Supply and Demand intersect.

• Quantity

• Supply

• the origin

• Equilibrium price

The equilibrium price is the price at which...

• demand and supply curves intersect

• consumers start reducing demand

• producers’ total revenue is highest

• neither demand nor supply will shift

In the summer picnic season, a sharp rise in the price of burgers may lead to an increase in the demand for the substitute good, _____.

• coleslaw

• chicken

• relish

• buns

Which of the following will cause the demand to move along the demand curve rather than shifting it?

• preferences

• expectations

• price

• income