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Economics Today and Tomorrow Ch 7 Review Flashcards | StudBud

Explore/Economics Today and Tomorrow Ch 7 Review

Rule stating that satisfaction lessens the more a consumer buys an additional unit is called...

This graph depicts...

Economics Today and Tomorrow Ch 7 Review

7 terms·StudBud Administration·106 plays

Supply and Demand

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Questions 7

Answers

1
This graph depicts...
Increase in Demand
Increase in Supply
Decrease in price
decrease in quantity supplied
2
Rule stating that satisfaction lessens the more a consumer buys an additional unit is called...
Law of Diminishing Marginal Utility
Diminishing Returns
Law of Supply
Law of Demand
3
What is depicted in the graph?
Increase in price
Decrease in supply
Increase in supply
Decrease in price
4
As the price increases, demand for a good...
decreases
shifts to the right
shifts down
increases
5
What situation do you have in the area above the intersection of the two lines?
Price decrease
Shortage
Surplus
Supply increases
6
This graph depicts
Demand Curve
Supply Curve
Equilibrium Price
Production Possibilities
7
What causes a demand curve to shift to the right?
Increase in taxes
Decrease in income
Increase in population
Improvements in technology