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Supply, Demand, Equilibrium Flashcards | StudBud

Explore/Supply, Demand, Equilibrium

Supply, Demand, Equilibrium

5 terms·StudBud Administration·100 plays

Marketing Principles basic economics

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Questions 5

Answers

1
The equilibrium point is the point where .....
supply and demand curves cross
everyone is happy
There is a surplus, top of supply curve
supply is a shortage
2
Goods coming into a country from another country are called
customs
imports
duties
exports
3
Generally, when the price of an item falls, what happens to the demand for that product?
An increase in demand
demand falls
demand falls as well
People substitute other goods
4
What happens to the supply of goods that producers are willing to produce when prices fall?
Diminishing marginal utility
Supply is constant
Firms supply more
Firms supply less
5
Is this a supply or demand curve?
Demand
Supply