Demand and supply test rev

What does this graph represent?

• Supply curve

• demand curve

• surplus

• shortage

What does p1 represent?

• Supply

• Demand

• Shortage

• surplus

What does P1 represent

• supply

• demand

• shortage

• surplus

What does the intersection represent

• Surplus

• shortage

• equilibrium

What does the graph represent

• elastic demand

• inelastic demand

What does the graph represent

• elastic demand

• inelastic demand

What does the graph represent

• supply curve

• demand curve

• shortage

• Surplus

What do we call where the supply and demand curves meet?

• Equilibrium

• shortage

• surplus

What happens to supply and demand in an inelastic demand curve?

• If price goes up quantity demanded stays basically the same

• If price goes up quantity demanded changes a lot

What happens to supply and demand in an elastic demand curve?

• If price goes up quantity demanded stays basically the same

• If price goes up quantity demanded changes a lot