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Duplicate of U2 Supply & Demand Flashcards | StudBud
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Duplicate of U2 Supply & Demand
P increases so Qs increases
P decreases so Qd increases
Duplicate of U2 Supply & Demand
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Answers
1
P decreases so Qd increases
law of demand
law of supply
definition of demand
definition of supply
2
P increases so Qs increases
definition of supply
law of supply
law of demand
definition of demand
3
The willingness and ability to produce a good or service.
Law of Supply
Definition of Supply
Definition of Demand
Law of Demand
4
When quantity supplied equals quantity demand
Equillibrium
Elasticity
Awesome sauce
Shortage
5
What type of curve is in the image?
Inelastic demand
Elastic Demand
6
Why might supply shift like this in the image?
Income increases
Consumer tastes change
The product is a cheaper substitute
Resource costs decrease
7
The willingness and ability of consumers to purchase goods and services
Supply
Demand
Law of Supply
Law of Demand
8
A price change is most often referred to as a...
disappointing event
movement on the curve
shift in price
change in quantity
9
P decreases Qs decreases
law of supply
definition of supply
definition of demand
law of demand
10
What type of curve is in the image?
Elastic demand
Inelastic Demand
11
If the price is too high, this will occur in the market...
Surplus
Elasticity
Equilibrium
Shortage
12
Why might demand shift like this in the image?
There are more suppliers
Consumer tastes change
Resources get more expensive
There are less suppliers
13
Why might supply shift like this in the image?
The product is a cheaper substitute
There are more suppliers
Income increases
Consumer tastes change
14
What type of curve is in the image?
Supply
Demand
15
What kind of curve does the image represent?
Supply
Demand
16
What is this image depicting?
Equilibrium
Shift of the curve
Movement on the curve
Elasticity
17
Why might supply shift like this in the image?
The product is a cheaper substitute
Income increases
Consumer tastes change
A new technology is adopted
18
Why might demand shift like this in the image?
There are more suppliers
There are less suppliers
Resources get more expensive
Income decreases
19
Why might demand shift like this in the image?
There are less suppliers
Resources get more expensive
There is a cheaper substitute available
There are more suppliers
20
What is this image depicting?
Increase in supply
Change in prices for goods & services
Elasticity
Equilibrium
21
If the price is too low, this will occur in the market...
Equilibrium
Shortage
Elasticity
Surplus
22
What is this image depicting?
Change in prices for goods & services
Equilibrium
Decrease in demand
Elasticity
23
P increases so Qd decreases
law of supply
Definition of demand
law of demand
definition of supply
