Economics Supply

Flashcard
•
Social Studies
•
11th - 12th Grade
•
Hard
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18 questions
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1.
FLASHCARD QUESTION
Front
The 'law of supply' suggests that
Back
price and quantity supplied are directly related
2.
FLASHCARD QUESTION
Front
This part of the market determines SUPPLY: buyers, sellers, consumers, us
Back
sellers
3.
FLASHCARD QUESTION
Front
What is the Equilibrium Price?
Back
The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers.
4.
FLASHCARD QUESTION
Front
Which of the following would not shift the supply curve for iphones? Options: an increase in the price of iphones, a decrease in the number of sellers of iphone, an increase in the price of plastic, an input into the production of iphones, an improvement in the technology used to produce iphones
Back
an increase in the price of iphones
5.
FLASHCARD QUESTION
Front
Point at which supply and demand come together
Back
equilibrium
6.
FLASHCARD QUESTION
Front
At equilibrium price:
Back
Quantity supplied = quantity demanded
7.
FLASHCARD QUESTION
Front
The amount of goods available:
Back
Supply
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