EBME 2.02 Supply and Demand

When the price is below the equilibrium price, what will happen?

The point at which the supply and demand curve meet is known as the...

A supply & demand graph provides the following information except...

The amount at which a good or service will besold in a market. is known as...

What do economists use as avisual representationof supply and demand?

An individual’sneed or desire for a good or service at a given price.

A situation where supply of a good or service exceeds the demand known as... 

The loaction where the customers and businesses buy and sell goods or services.

A situation where demand for a product or service exceeds the available supply is known as... 

Supply & demand graph helps suppliers determine the...

How much of a good or service a producer iswilling and able to produce at different prices. 

As the price of a good or serviceincreases, the supply for that item will also be increased.

When the price is above the equilibrium price, what will happen?

As prices fall for a particular good or service,the demand for that item will increase or drop.

Peopleand businesses enter the marketplace in hopes of making a...