Econ Ch 4-6 Test

On the supply and demand curve shortages occur

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

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

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

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

If demand increases then the demand curve...

An increase in demand brings about a _ in equilibrium price

A legislatively set price above the equilibrium price is known as

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

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

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

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

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

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

The Supply Curve is...

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

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

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

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

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

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

What might lead to the supply curve becoming vertical

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

If supply decreases the supply curve will...

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

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

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

Price ceilings often lead to_ of goods

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