Supply and Demand Flashcards

1

Supply and Demand is important because it determines:

2

When a substitute good is introduced to the market, what happens to the original product?

3

When the supply and the demand for a good cross, everyone is happy. What is this called?

4

Demand and Supply are basic concepts for what field of study?

5

Whose actions does the supply curve describe?

6

When businesses have more of a product than customers want, what often happens to the price?

7

The demand curve shows that buyers are MOST like to buy when the price is

8

When the demand is greater than the supply (think furby) what occurs?

Supply and Demand