Economics Test 4 Supply and Demand

The Law of Supply is the opposite of the Law of Demand

Which of the following is an example of an inelastic product?

Supply tends to be initially ______________ because it takes time to increase supply

The tendency of suppliers to offer more of a good at higher prices

What happens when the quantity supplied is greater than quantity demanded?

The government places ___________ taxes on harmful or dangerous products.

A graphic representation showing the tendency of suppliers to supply more at higher prices

How do you fix excess demand?

______________ is a government intervention in the market that affects price, quantity, and quality of a good.

Which of the following is an example of a price floor?

What is an input?

A market is at ____________________ when the quantity demanded does not equal the quantity supplied

What term means when the quantity demanded equals the quantity supplied?

Which of the following people would be most likely to receive a government subsidy?

A fall in the cost of an input will cause a(n) _________________ in supply.