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Lessons 3&4 Demand & Supply Flashcards | StudBud

Explore/Lessons 3&4 Demand & Supply

Lessons 3&4 Demand & Supply

10 terms·StudBud Administration·954 plays

law of demand, supply, their curves, slopes, and relationship to each other, equilibrium price

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Questions 10

Answers

1
What does the law of demand state?
prices stay stable quantity demanded goes up
prices go up quantity demanded goes down
prices go up demand goes up
prices go down demand goes down
2
What does the law of supply state?
prices go up quantity supplied goes up
prices go down quantity supplied goes up
prices go up quantity demanded goes up
prices stay the same quantity supplied goes up
3
A demand curve illustrates the relationship between
price and quantity supplied
price and cost
price and quantity demanded
quantity demanded and quantity supplied
4
The slope of the supply curve is
negative
positive
5
Equilibrium price is also known as
selling price
market clearing price
cost
stability price
6
The slope of a demand curve is
positive
negative
7
Equilibrium price represents
the most expensive price
the price that consumers will not purchase at
the least expensive price
price consumers will buy at & suppliers can also make profit
8
What is price in the market?
incentive to buy or not
all of the above
incentive to produce or not
a language between buyers and sellers
9
A demand curve and supply curve come together to create what in the market?
opposing forces
stability
equilibrium price
the invisible hand
10
A supply curve illustrates the relationship between
quantity demanded and quantity supplied
cost and supply
price and quantity demanded
price and quantity supplied