Unit 2 Exchange & Markets

Front

Demand refers to

Back

a consumer's ability & willingness to pay a price for a specific good or service.

Front

At a price of $3, what is the quantity demanded for coconuts?

Back

6

Front

Refer to the demand schedule above. What conclusion can be made about the relationship between price and quantity demanded?

Back

When price decreases, the quantity demanded increases

Front

Which of the following is a shifter of demand? Availability of Resources, New Technology, Consumer Tastes & Preferences, Government Subsidies

Back

Consumer Tastes & Preferences

Front

If there is an overall increase in the taste and preference for coconuts, then the movement that would take place in the model could be:

Back

A to C

Front

If there is an increase in the price of coconuts, then the movement that would take place in the model could be: A to C, B to A, C to A, B to E

Back

B to A

Front

Supply is best defined as

Back

the amount of goods and services sellers are willing and able to produce at a given price

Front

At a price of $4, what is the quantity supplied for oranges?

Back

10

Front

Refer to the supply schedule above. What conclusion can be made about the relationship between price and quantity supplied?

Back

When price increases, the quantity supplied increases

Front

Which of the following is a shifter of supply? Price of Complementary Goods, Price and availability of resources, Tastes & Preferences, Price of Substitute Goods

Back

Price and availability of resources