Supply and Demand part 2
Flashcard
•
Social Studies
•
7th Grade
•
Hard
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11 questions
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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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