Supply and Demand

With supply, as the prices go down, what will happen to the quantity supplied?

a —graph showing the amount of a product  purchased at all possible prices in the market

“law” states the satisfaction a consumer gets from each additional unit consumed decreases 

At equilibrium price, will there be a shortage or a surplus?

What economic problem exists when the quantity demanded is higher than the quantity supplied?

a —graph shows the amount of a product  supplied at all possible prices in a market?

If a price change can alter the demand curve of a good or service it is known as being what?

If a price change does not drastically alter the demand curve it is known as being what?

What situation is occurring in the blue area of the demand curve?

What is it called if there is a minimum price in place for a good or service?

Which is an example of a price floor?

the principle suppliers offer more for sale at higher prices& less for sale at lower prices

What refers to the desire, willingness, and ability to purchase a good or service?

What situation is occurring in the red area of the graph?

What is an item that can be used in place of another item?

When considering the supply curve, whose behavior do you analyze?

With demand, as price goes up, what happens to the quantity demanded?

What is an item that normally is sold with another item known as?

What is it called if there is a maximum price in place for a good?

Which curve tends to slope downward?

What economic problem exists when the quantity supplied is higher than the quantity demanded?

With demand, as price goes down, what happens to the quantity demanded?

Which of the following does NOT cause a shift in the SUPPLY curve?

Where do you find equilibrium price on this graph?

What term refers to the amount of satisfaction consumers receive from a good/service?

With supply, as price goes down, what will happen to the quantity supplied?

What term refers to the —additional use gotten from each unit acquired?