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Supply and Demand Flashcards | StudBud

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Supply and Demand

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#supplyanddemand

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Questions 10

Answers

1
A demand curve can shift because of changing __?
incomes
tastes
prices of related goods
all of the above
2
What is the law of supply?
A law that states how much you can sell
A law that states how much you can buy
An increase in price results
A fundamental principle of economic theory
3
The equilibrium price clears the market; it is the price at which __?
quantity demanded equals quantity supplied
Answer 1 and 2
excess demand is zero
buyers spend all their money
4
Why is supply and demand important?
They are both key to economic activity
They make it possible to sell things
They make it easier to make money
5
What is the law of demand?
The quantity wanted by the consumers
The quantity demanded for a consumer at different prices
The sum of all individual demand relationships.
6
What do we know the quantity of a product that buyers wish to purchase at each possible price?
demand
excess demand
excess supply
supply
7
What would happen without supply and demand?
There would be no business at all
It would be harder to sell things
It would be harder to make money
8
What does supply and demand do?
Impact prices of consumer goods and services within economy
Make it possible to sell merchandise
It makes the economy run
9
The price at which there is neither surplus nor shortage is called?
The equal price
The adjustment price the market-clearing price.
The market-clearing price.
The fair price
10
Supply is the quantity of a good sellers wish to sell each time the market opens
True
False