Econ Supply and Demand

Front

What exists when quantity supplied is greater than quantity demanded?

Back

Surplus

Front

A market is said to be in equilibrium when

Back

the demand and supply quantities are equal

Front

the price at which a good is bought and sold in a market equilibrium is called

Back

equilibrium price

Front

What is the price ceiling?

Back

The maximum price allowed set by the government

Front

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

Back

it goes down

Front

When quantity supplied and quantity demanded is equal

Back

equilibrium

Front

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

Back

demand

Front

The diagram represents a

Back

increase in demand (Shift Right)

Front

Goods that are bought and used together are

Back

complementary goods

Front

What does this graph show? Options: Shortage, Surplus, Supply Table, Equilibrium

Back

Surplus