Economics Supply

Front

The 'law of supply' suggests that

Back

price and quantity supplied are directly related

Front

This part of the market determines SUPPLY: buyers, sellers, consumers, us

Back

sellers

Front

What is the Equilibrium Price?

Back

The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers.

Front

Which of the following would not shift the supply curve for iphones? Options: an increase in the price of iphones, a decrease in the number of sellers of iphone, an increase in the price of plastic, an input into the production of iphones, an improvement in the technology used to produce iphones

Back

an increase in the price of iphones

Front

Point at which supply and demand come together

Back

equilibrium

Front

At equilibrium price:

Back

Quantity supplied = quantity demanded

Front

The amount of goods available:

Back

Supply

Front

A supply curve slopes:

Back

Upward

Front

The only thing that causes movement along a supply or demand curve: Price, Quantity, Climate, Weather

Back

Price

Front

When producers offer more of a good as its price increases and less as its price falls, this defines the

Back

law of supply