Supply and Demand

The red line represents a ______.

The price ceiling that used to control the price of housing was called which of the following?

What is the smallest amount that can legally be paid to most workers for an hour of work?

The red line represents a ______.

An increase in supply causes what to happen to price and quantity?

The financial and opportunity costs consumers pay when searching for a good or service.

The red line represents a ______.

The point at which the lines intersect is the ______.

What's the term for when buyers will purchase exactly as much as sellers are willing to sell?

A ___ price is telling consumers to buy more.  A ____ price is telling consumers to buy less.

This line represents the ______.

___ tells both buyers and sellers whether goods or services are scarce or easily available.

The line represents the ______.

A decrease in supply causes what to happen to price and quantity?

A decrease in demand causes what to happen to price and quantity?

The point at which quantity demanded and quantity supplied meet is known as __________.

A change in supply or demand will lead to a new price and quantity.

What happens when any market is in disequilibrium and prices are flexible?

A minimum price for a good or service.

An increase in demand causes what to happen to price and quantity?

When quantity supplied is more than quantity demanded.

When quantity demanded is greater than quantity supplied.

Interactions between ____ and ____ in a market will always push the market towards equilibrium.

The maximum price that can be legally charged to consumers for a good.

When quantity supplied and quantity demanded are not the same in a market.

Why do fads often lead to shortages, at least in the short term?

When quantity supplied is more than quantity demanded.

A ___ price is telling producers to make more.  A ____ price is telling producers to make less.

When quantity demanded is more than quantity supplied.

The red line represents a ______.

What happens when the price of a good is more than the consumer wants to pay?

In a free market, prices lead to an efficient allocation of resources. In other words,

The smallest amount, by law, that can be paid to a worker for an hour of labor.

Prices provide a language for buyers and sellers to communicate in the market.

Which of the following is a situation that creates disequilibrium?

Rent control is a type of: