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Supply, Demand, Price, Equilibruim Review Flashcards | StudBud
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Supply, Demand, Price, Equilibruim Review
Supply, Demand, Price, Equilibruim Review
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StudBud Administration
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Basic economic terms used to learn supply and demand.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Minimum wage increases, which curve will shift and which determinant explains it?
Demand, Change in Technology
Supply, Change in Producer Expectation
Demand, Change in Income
2
The relationship describing when price increases the amount of goods produced increases.
The Law of Demand
Market Demand
The Law of Supply
3
This relationship describes when price increases the want for that good decreases.
The Law of Supply
Market Demand
The Law of Demand
4
Which of these can shift the demand curve?
Change in Technology
Change in Taxes and Subsidies
Change in Income
5
What is a substitute good?
A good that replaces a different good.
A good that goes with another good.
A good that makes up part of a good.
6
Supply is greater than demand explains:
shortage
surplus
equilibrium
7
Whch of these can cause an entire supply curve to shift?
technology improvement
decrease in price
increase in price
8
Bicycles & scooters = substitutes. Bike prices fall. New demand curve for scooters:
moves right
moves left
doesn't move
9
The movement along a downward sloping curve because of a change in price is called what?
Change in Quanitity Demanded
Change in Demand
Change in Quantity Supplied
10
What is a complementary good?
A good that goes with another good.
A good that makes up a part of a whole good.
A good that replaces a good.
