Demand, Supply and Market Equilibrium

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

drawn as 'upward slopping' due to this positive relationship between price & quantity supplied.

an economic principle that refers to a consumer's desire and willingness to pay for a specific good or service.

refers to a situation in which the price has reached the level where quantity supplied equals quantity demanded.

It talks about the amount of available goods that producer is selling.

The ___________ states that the quantity supplied for a good rise as the price rises.

• law of demand

• supply curve

• law of supply

• supply demand

It measures the amount of products that people are willing to buy.

What type of slope was the demand curve in the given example?

The law of supply states that as a price rises, quantity supplied also _____, and vice versa.

When the demand for a product or service is higher than the supply this causes what?

• shortage
• consumer
• surplus
• equilibrium