Supply and Shifting Supply

Front

This part of the market determines SUPPLY

Back

producers

Front

This part of the market determines DEMAND

Back

consumers

Front

For the law of demand, as price rises, what happens to quantity demanded?

Back

it goes down

Front

For the law of supply, as price rises, what happens to quantity supplied?

Back

it goes up

Front

What does this curve represent? Options: demand, supply, equilibrium, shortage

Back

supply

Front

What does this curve represent? Options: supply, equilibrium, demand, surplus

Back

demand

Front

When producers offer more of a good as its price increases and less as its price falls, this defines the

Back

law of supply

Front

A hurricane wipes out an orange crop in Florida, sharply affecting the supply of oranges. Which chart demonstrates this concept?

Back

Front

The diagram represents a(n)

Back

increase in supply

Front

The movement from Point A to Point B represents a(n)

Back

decrease in the quantity supplied.