Econ Ch 4-6 Test

What might lead to the supply curve becoming vertical

The numerical representation of the law of demand is the...

A legislatively set price below the equilibrium price is known as a

If supply decreases the supply curve will...

The condition in which the quantity demanded of a good is greater than the quantity supplied

The Supply Curve is...

An increase in demand brings about a _ in equilibrium price

The Law of Demand states that as price goes up the quantity demanded goes _

If a surplus occurs what will happen to the price of a good in order to reach equilibrium

The sum of the supply curve of various firms that produce the same product is known as

The Law of Supply shows a _ and the Law of Demand shows a _

The number of units of a good produced and offered for sale at a specific price is..

The number of units of good purchased as a specific price is known as....

The stock of goods that a business or store has on hand is its...

The condition in which the quantity supplied is greater than the quantity demand

A graph that shows the amount of a good sellers are willing and able to sell at various prices

This economic principle refers to the fact that the joy of a good diminishes with each use

All of the following can cause a shift in the supply curve EXCEPT

According to the Law of Supply if the price decreases then the quantity supplied

The price at which a good is bought and sold in a market that is in balance is the

If demand increases then the demand curve...

Which one of the following factors is NOT a reason that night cause the demand curve to shift

The ability of sellers to produce different quantities of a good at different prices

Many people will buy a Pepsi if the price of Coke goes up for these people Pepsi is a _ to coke

On the supply and demand curve shortages occur

Price ceilings often lead to_ of goods

If the quantity supplied is equal to the quantity demanded then the market is at....

A legislatively set price above the equilibrium price is known as

What two factors will lead to a fall in the equilibrium price

The ability of buyers to purchase different quantities of a good at different prices