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Equilibrium Flashcards | StudBud

Explore/Equilibrium

Equilibrium

7 terms·StudBud Administration·117 plays

2EZ

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Questions 7

Answers

1
A decrease in the demand causes
Temporary surplus
All of the above
Temporary Shortage
Permanent Surplus
2
An increase in demand Causes the demand curve to shift to the right, in turn causing
Higher price, lower quantity
Lower Price, Higher quantity
Higher price and quantity
Idk
3
Who controls the amount demanded, and at what price they will be purchased?
Snoop Dogg
The Government
Consumers and Producers
Kenji is god
4
The Law of supply states
As price goes up, quantity supplied decreases
As price goes up, amount of suppliers increase
As price increases, quantity of suppliers decreases
As price goes up, Quantity supplied increases
5
At market equilbrium
The object stays at rest
Nothing Happens
# people are willing to buy = # willing to sell
A socialist utopia is created. #FeelTheBern
6
A decrease in supply causes
Cool things to happen
Nothing
A temporary Shortage
A temporary surplus
7
The Law of Demand is that:
Price goes up, Quantity demanded goes up
More items demanded, supply goes down
Mr. Rose is god
Price Increases, quantity demanded Decreases