A graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time. In a typical representation, the price will appear on the left vertical axis, the quantity demanded on the horizontal axis.

A table that shows the quantity demanded of a good or service at different price levels.

Describes the total amount of a specific good or service that is available to consumers.

A graphical representation of the relationship between the cost of a good or service and the quantity supplied for a given period of time. In a typical representation, the price will appear on the left vertical axis, the quantity supplied on the horizontal axis.

A table that shows how much product a supplier will have to produce to meet consumer demand at a specified price based on the supply curve.

An amount of something left over when requirements have been met; an excess of production or supply over demand.

A period of time in which at least one input is fixed while others are variable; firms face both variable and fixed costs. Additionally, firms may expect monopoly.

A state or situation in which something needed cannot be obtained in sufficient amounts.

A period of time in which all factors of production and costs are variable; firms are able to adjust all costs. Additionally, firms may expect competition.

The amount of money expected, required, or given in payment for something.

In an economy, the general price level in an economy does not change much over time, meaning, prices neither go up or down; there is no significant degree of inflation or deflation.

The mandated maximum amount a seller is allowed to charge for a product or service.

The mandated least amount a seller is allowed to charge for a product or service.

An economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

In microeconomics, the law which states that, "conditional on all else being equal, as the price of a good increases, quantity demanded decreases; conversely, as the price of a good decreases, quantity demanded increases".

In microeconomics, the law which states that, "conditional on all else being equal, as the price of a good increases, quantity supplied increases; conversely, as the price of a good decreases, quantity supplied decreases".

The social science that studies the implications of human action, specifically about how those decisions affect the utilization and distribution of scarce resources. Generally speaking, considered a more complete, advanced, and settled science.

The price that occurs when supply and demand are equal.

(of demand or supply) insensitive to changes in price or income.

A term used in economics to describe a change in the behavior of buyers and sellers in response to a change in price for a good or service.

Money that must be paid to a government

The degree to which individuals, consumers or producers change their demand or the amount supplied in response to price or income changes.

Financial gain in return for a product or service.

Describes the amount of goods or services that are supplied at a given equilibrium price.

Resource allocation in a market system is typically done with this

Happy Chains were the biggest fad last year. The price consumers were willing to pay for a Happy Chain went from $1 to $2 between January and February. As a result, sellers increased their production of Happy Chains. Which concept explains the increased production of Happy Chains?

The cost of the clasps that hold Happy Chains together increases from $1 to $1.50. As a result, consumers bought fewer Happy Chains to go on the clasps. This best describes which determinant?

You were going to purchase three Happy Chains today but decided to hold off when you heard there was going to be a sale tomorrow. Your decision best reflects this determinant.

Congress passes a bill lowering the minimum wage to $4.25 an hour. Riots and protests break out, but Happy Chains lowers its cost from $1.50 to $1.00. This best reflects which determinant?

Congress passes a bill raising the minimum wage to $8.25 an hour. Workers are happy, but Happy Chains raises its price from $1.50 to $3.00. This best reflects which determinant?

Choo-Choo Chains enters the market selling a product similar to Happy Chains but for $0.25 less a unit. Happy Chains lowers its cost per unit by $0.27. This best reflects which determinant?

This market structure offers no barriers to entry or exit.

I make my Happy Chains out of silver to differentiate them from your Happy Chains, which are made of gold.

All sellers of Happy Chains slightly increased the price of each chain.

Using this graph, Points B and A represent a...

Using this graph, Points B and A represent a...

Using this graph, which quantity represents equilibrium ?

Using this graph, Points B and A represent a...

Using this graph, Points B and A represent a...

What type of shift does this graph represent in supply?

What type of shift does this graph represent in supply?

Which principle does this Market Demand Schedule demonstrate?

Using this schedule, how much more will quantity demanded be at $1.00 than at $3.00?

Using this demand curve, how many boxes of Gobstoppers are demanded at $1.50?

Using this demand curve, if the curve were to shift to the right, what would that represent?

Using this graph, which line represents an increase in supply?

Using this graph, which line represents an decrease in supply?

Using the supply curve S1 on this graph, how many boxes of Gobstoppers are supplied at $1.50?

Using this graph, if the cost of sugar increased, what would happen to the quantity supplied?