SUPPLY
What is the law of supply?
What is As price increases, quantity supplied increases.
What is the law of demand?
What is As price increases, quantity demanded decreases.
What is a normal good?
What is A good for which demand increases when income increases.
What is equilibrium price?
What is The price where quantity demanded equals quantity supplied. Where supply curve and demand curve intersect
Which direction do demand curves slope?
What is slope downward.
What is a supply schedule?
What is A table that shows how much of a good producers will supply at different prices.
What is a demand schedule?
What is A table that shows the quantity demanded at each price.
What is an inferior good?
What is A good for which demand decreases when income increases.
What happens when there is a surplus?
What is Quantity supplied is greater than quantity demanded.
Which direction does a supply curve slope?
What is slope upward.
What causes movement along the supply curve?
What is A change in price.
What causes movement along the demand curve?
What is A change in price.
What is a substitute good?
What is A good that can replace another good.
What happens when there is a shortage?
What is Quantity demanded is greater than quantity supplied.
What are taxes?
What is a charge opposed on a product by the government.
What are the determinants of supply?
What is price of product, input prices, technology, price of other products being produced, number of suppliers/sellers, and expectations.
What are the determinants of demand?
What is price of product, consumer income, prices of related goods, consumer tastes, consumer expectations, and number of buyers.
What is a complementary good?
What is A good that is consumed with another good.
What happens to equilibrium when demand decreases and supply stays the same?
What is Price decreases and quantity decreases.
What are subsidies?
What is a grant of money given by the government.
What is the result of an increase in supply?
What is A rightward shift of the supply curve.
What is the result of a decrease in demand?
What is A leftward shift of the demand curve.
If minimum wage increases, what would happen to the demand for inferior goods?
What is demand would decrease.
What happens to equilibrium when demand increases and supply stays the same?
What is Price increases and quantity increases.
Do taxes and subsidies either impact demand, supply, or both?