A
A situation that results when the quantity supplied of a product is greater than the quantity demanded. Ex: we have 200,000 sandwiches in the cafeteria but only have 700 students lined up for lunch
Surplus
Final Jeopardy Question (Don't open until the end of the game)
I'll play a song, it's up to you to determine which of the following bands performed the song. Is it:
A) Buddy Holly
B) The Beach Boys
C) The Beatles
D) Limp Bizkit
This is a graph that shows the relationship between price and the quantity supplied for a given product. Like its demand counterpart, it's kind of a misnomer because it's really more like a line
Supply Curve
This is the price where the quantity demands equals the quantity supplied
Equilibrium Price
The amount of a good or service that producers are willing and able to offer for sale at various possible prices during a given period of time is called:
Supply
When quantity demanded is lower than the quantity supplied you have a (Blank). Ex: There's only 100 sandwiches available for lunch in the cafeteria but we have 700 students who are hungry
Shortage
The legal minimum price for a good on the market is called (blank)
Price Floor
This is the amount at which the quantity demanded by buyers and the quantity supplied by sellers are equal
Equilibrium Quantity
The (Blank) is the rule that states: as the price of a good/service rises, demand will fall. Or as the price of a good/service falls, demand will rise. It's an inverse relationship
Law of Demand
The (Blank) is the rule that states: as the price consumers are willing to pay of a good/service rises, producers will make more of it. But as the price falls, producers will make less of it. This is a direct relationship
Law of Supply
The maximum price a company can charge for a good/service
Price Ceiling