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Supply and Demand
Supply and Demand
17 terms
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StudBud Administration
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163 plays
AP Microeconomics: Supply and Demand
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
What curve is this?
equilibrium point
Demand Curve
market
supply curve
2
the amount of a good, service, or resource that people are willing and able to buy
Quantity supplied
Quantity demanded
Demand
Equilibrium
3
What would cause this shift in Demand?
number of sellers
Price of related goods
prices of resources
Mr. Early
4
a good where the demand increases if income increases and demand decreases if income decreases
market equilibrium
normal good
supply change
Inferior good
5
a good that can be consumed in place of another good
complement
false
substitute
equilibrium quantity
6
when the quantity demanded equals the quantity supplied
inferior good
equilibrium price
Market equilibrium
equilibrium quantity
7
the quantity bought and sold at the equilibrium price
equilibrium quantity
substitute
equilibrium price
complement
8
the sum of the demands of all the buyers in a market
Change in Demand
Demand Schedule
Market Demand
Market Supply
9
What is at the point where these two curves cross?
equilibrium point
demand curve
market price
supply curve
10
a good where the demand decreases if income increases and demand increases if income decreases
Market equilibrium
market equilibrium
Change in Demand
inferior good
11
What curve is this?
shift in supply
demand curve
shift in demand
supply curve
12
the price at which the quantity demanded equals quantity supplied
Inferior good
equilibrium price
market equilibrium
equilibrium quantity
13
a good that is consumed with another good
complement
substitute
Adam Smith
Mr. Early
14
all of the quantities demanded at each varying price when all the other influences are the same
Market Demand
Change in Demand
Demand
Demand Schedule
15
what causes this shift in supply?
Number of sellers
Thanksgiving
Mr. Early
Christmas
16
change in the quantity that people buy when any influence besides the price of the good changes
supply curve
Demand schedule
Change in Demand
Market Demand
17
the relationship between the quantity demanded and the price of a good
Demand
Quantity Demanded
Markets
Quantity Supplied