What is an Equilibrium Price?

Price where the quantity supplied equals the quantity demanded

How do companies respond to deflation?

Slowing down production, laying employees off, and cutting salary

What are these two tables called?

Demand Schedule and Supply Schedule

Ability and willingness to buy a product.

Halloween season is approaching. What happens to the supply of candy?

Increase and shift to the right

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Module 1: Econ Basics

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Questions 11

Answers

1
a Substitute is good that is consumed with another good
True
False
2
What is surplus?
Cost of the next best alternative use of money, time, or resources
A situation in which quantity demanded is greater than quantity supplied
a good that can be used in place of another good
A situation in which quantity supplied is greater than quantity demanded
3
Scarcity is not having enough resources to produce all the things people would like to have
False
True
4
What is Inflation?
The increase in supply
A situation of rising prices in the economy
The increase of consumer demand
A situation of decreasing prices in the economy
5
A Supply Schedule shows quantities produced or offered at each and every possible price in the market
False
True
6
What is an Equilibrium Price?
The highest quantity in the market
The lowest price in the market
The highest price in the market
Price where the quantity supplied equals the quantity demanded
7
How do companies respond to deflation?
Giving more jobs to people
Slowing down production, laying employees off, and cutting salary
Increase the price of their products
Nothing
8
What type of Curve is this?
Supply
Production Possibility Curve
Demand
Quantity Supplied
9
What are these two tables called?
Equilibrium tables
Demand Schedule and Supply Schedule
Demand Possibilities and Supply Possibilties
10
What is Demand?
Table showing the quantity demanded at all possible prices
Ability and willingness to buy a product.
the amount of a good or service that the producer is willing to supply
Amount of product offered for sale at all possible prices
11
Halloween season is approaching. What happens to the supply of candy?
Decrease and shift to right
Increase and shift to the right
Decrease and shift to right
Increase and shift to left

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