CP Econ Unit 2 Exam '21

What is the difference between a market and individual demand curve?

Prices help buyers and sellers to do what?

quantity supplied is higher than quantity demanded

when prices go up on necessary items, it is the same as losing income

If the price of yoyos goes up, according to the law of supply firms will respond by

A person chooses to buy a train ticket for $50 after learning plane tickets are $100 is an example of

When income goes up

point where supply and demand are equal

chart that tells how much a supplier will offer at different prices

What is the difference between a market and individual demand curve?

when quantity demanded is greater than quantity supplied

The demand curve generally does what?

consumers will buy more when prices are lower and less when price are higher

when prices rise, consumers buy less

What is the MAIN cause of a change in demand?

table listing the quantity of a good consumers will buy at various prices

According to the Law of Supply, what would happen if prices go up?

desire to own something and the willingness to pay for it

quantity demanded is higher than the supply

amount of a product produced for sale

replacing an expensive item with something cheaper

What happens at equilibrium price?