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Supply and Demand Review Flashcards | StudBud

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what is a determinant of supply

a price ceiling of $10 will result in a

Supply and Demand Review

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Answers

1
a price ceiling of $10 will result in a
shortage
surplus
2
what is a determinant of supply
Govt. intervention
Expectations
Taste/Preference
Price of related good
3
What is an equilibrium?
the point of the balance between the price and quantity
steady, long-term increase in real GDP
wage rate that produces the excess supply
when quantity demanded is more than quantity supplied
4
Price ceiling is...
maximum price set by government to prevent prices from going too high
minimum price set by government to prevent prices from going too low
5
Who determines supply?
Sellers
Buyers
6
Using the graph, determine the equilibrium price.
$4
$1
$2
$3
7
The Law of Demand states that
As price increases, quantity decreases.
Price changes have no effect on quantity.
As price increases, quantity increases.
Price changes shift the demand curve.