Unit 2 Quiz Economics

When there is a change in demand, this leads to what?

At the equilibrium price, quantity demanded is ________ quantity supplied

The law of supply states that as prices increase, supply ______________

When there is a change in supply, this leads to what?

A demand schedule as well as a demand curve show the ______________ relationship between price and quantity demanded.

When the only thing that changes is price (change in quantity supplied), what happens to the supply curve?

A demand curve is said to be ____________ when a change in price causes the quantity demanded to change a lot

When the only thing that changes is price (change in quantity demanded), what happens to the demand curve?

A supply schedule as well as a supply curve show the _________________ relationship between price and quantity supplied.

A demand curve is said to be __________ when a change in price causes the quantity demanded to change a little

When a market shortage occurs, quantity demanded is ____________ quantity supplied

The law of demand states that as prices increase, demand ___________.

When a market surplus occurs, quantity demanded is ______________ quantity supplied