Supply and Demand Quiz

A graph of the relationship between the price of a good and the quantity supplied.

• The Supply Curve

• Supply Schedule

• The Market Price.

• The Demand Curve

A visual model of the economy that shows how dollars flow through markets among households and firms.

• Circular Flow Diagram

• Real Flow

• Law Of Demand

• Microeconomics

A market in which a resource is bought and sold.

• Resource Market

• Law Of Demand

• Factor Market

• Microeconomics

A market in which products are sold by firms and bought by households.

• Equilibrium Quantity

• Factor Market

• Product Market

• Law Of Demand

Consumers buy more of a good when its price decreases and less when it increases.

• Change In Demand

• Law of Supply

• Law of Demand

• Elasticity

A measure of the responsiveness of quantity demanded or supplied to a change in one of its determinants.

• Demand

• Equilibrium Quantity

• Price Elasticity Of Demand

• Elasticity

Market in which firms purchase the factors of production from households.

• Market Economy

• Factor Payments

• Resource Market

• Factor Market

The quantity at which quantity demanded and quantity supplied are equal for a specific price level.

• Elasticity

• Price Ceiling

• Equilibrium Price

• Equilibrium Quantity

A legal minimum on the price at which a good can be sold.

• Price Floor

• Equilibrium Price

• Price Ceiling

• Minimum Wage

Definition: the study of how households and firms make decisions and how they interact in markets.

• Market Economy

• Microeconomics

• Factor Market

• Law Of Demand