Microeconomics Review

The graph represents: Demand or Supply?

• Demand
• Supply

Law of demand says if the price of pizza falls, the demand for pizza will what?

• Increase
• Decrease

What kind of graph is this?

• Supply
• Demand

The Law of Supply states:

• as price increases, supply increases
• as prices decrease, demand increases

What is quantity of a good or service that producers sell at a market price?

• supply
• demand

When the demand of goods is greater than producers are willing to sell is called?

• Surplus
• Shortage

What is Equilibrium?

• Price that buyers & sellers will accept
• Price that equals Goods

What states as the price of a good rises the number of goods consumers are willing and able to buy will decrease?

• Law of Supply

• Monopoly

• Supply Schedule

• Law of Demand

What shows all the quantities of a good, service or resource sellers are willing and able to supply at each price?

• Supply Schedule

• Market Supply Curve

• Demand Schedule

• Market Demand Curve

What shows all the quantities of a good, service, or resource buyers are willing and able to buy at each price?

• Market Supply Curve

• Supply Schedule

• Demand Schedule

• Market Demand Curve