Demand and Supply

According to the law of supply, what happens when the price of a good increases?

• The supply curve shifts to the right.

• People are willing to buy what is supplied.

• The supply curve shifts to the left.

• The quantity supplied increases.

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  The desire to own a product and the ability/ willingness to pay for it. This is the definition for:

• Supply

• Demand

• Market

• Elasticity

The supply curve shows the relationship of quantity and price demanded.....

• False

• True

• What occurs when quantity supplied is greater than quantity demanded at ruling price?

• Excess Demand

• Equilibrium Price

• Comparative Static Analysis

• Excess Supply

The Law Of Demand helps to explain social behavior.

• True

• False

The _________ is the price where supply of quantity equals quantity demanded

• Supply

• Demand

• Equilibrium

• Equal

Which of the following is not a component of demand?

• Desire

• Surplus

• Ability

• Willingness

What does this curve represent?

• Supply

• Demand

• Equilibrium

• Shortage

What does this curve represent?

• Supply

• Demand

• Equilibrium

• Shortage

If the price of printers goes down, what happens in the market for ink cartridges?

• Supply increases.

• Supply decreases.

• Demand increases.

• Demand decreases