Civics Ch 20 & 21

A graph that shows the amount of a product that would be supplied at all possible prices in the market

Price ceiling is...

The most common price floor today is _____.

The total demand of all consumers for their product or service

Amount by which the quantity supplied is higher than the quantity demanded.

graph that shows the amount of a product that would bought at all possible prices in the market

The equilibrium price and quantity would be...

The money a business receives for its products or services over and above its costs

Price floor is...

A shift in the supply curve to the rights means:

Which of the following is an inelastic good.

Which way does the supply curve face?

The desire, willingness, and ability to buy a good or service.

A shift in the supply curve to the left means:

Methods or processes used to make goods and services.

As price increases does demand go up or down the curve?

The amount by which the quantity demanded is higher than the quantity supplied.

Which of the following is not a reason for changes in demand?

A measure of how the quantity supplied of a good or service changes in response to changes in price

Which of the following is not a reason for changes in demand?

Who determines demand?

A demand curve is

Various quantities of a good or service that producers are willing to sell at all possible market prices.

Principle that additional satisfaction, or marginal utility, tends to go down as more and more units are consumed

A government payment to an individual, business, or other group for certain actions.

What is on the X axis of a demand curve

Table listing various quantities of a product or service that someone is willing to buy over a range of prices.

The degree to which resources are being used efficiently to produce goods and services

Products that are meant to be used together.

A price of $2 would a cause a

Market Equilibrium is when the demand curve?

The market demand curve shows

What is economics?

when there is neither a surplus nor a shortage

The pleasure, usefulness or satisfaction we get from using the product

Quantitiy demanded and price move in opposite directions

Principle that suppliers will normally offer more for sale at higher prices and less at lower prices

Which of the following is not one of the advantages of prices?

Competing products that consumers can use in the place of one another.

the combination of supply schedules of all the businesses that provide the same good or service

What is on the X axis of a demand curve

A supply curve slopes…

What does a demand curve show

The extent to which a change in price causes a change in the quantity demanded.