Supply and Demand part 2

Supply and Demand part 2

Assessment

Flashcard

Social Studies

7th Grade

Hard

Created by

Wayground Content

FREE Resource

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11 questions

Show all answers

1.

FLASHCARD QUESTION

Front

On a graph, supply and demand intersect at equilibrium.

Back

True

2.

FLASHCARD QUESTION

Front

On a supply and demand graph, a shift in the curve represents what?

Back

A change in an underlying condition.

3.

FLASHCARD QUESTION

Front

What happens when the quantity demanded for a good is less than the quantity supplied?

Back

A surplus will occur and prices will decrease.

4.

FLASHCARD QUESTION

Front

What happens when the quantity supplied is greater than the quantity demanded?

Back

A surplus will occur and prices will decrease.

5.

FLASHCARD QUESTION

Front

When a curve shifts to the right on a graph, this means that the quantity demanded or the quantity supplied has increased.

Back

True

6.

FLASHCARD QUESTION

Front

When a curve shifts to the left on a graph, what does it mean?

Back

The quantity supplied or the quantity demanded has decreased.

7.

FLASHCARD QUESTION

Front

A shift of a supply or demand curve can be caused by influencers such as income of buyers and number of sellers.

Back

True

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