Supply
The desire and ability to produce and sell a product
Supply
The amount consumers are willing and able to buy.
Demand
The point where supply and demand curves intersect.
equilibrium
A market with many buyers and sellers and identical products.
perfect competition
This sport is known for the Tour de France.
cycling
When price decreases, quantity supply usually does this.
decreases
When price increases, quantity demanded usually does this.
decrease
The price at which quantity supplied equals quantity demanded.
equilibrium price
A market dominated by one seller
monopoly
The largest desert in the world
Antarctica
When supply increases, the supply curve shifts in this direction.
Right
When demand decreases, the curve shifts in this direction.
left
A situation where quantity demanded exceeds quantity supplied.
shortage
A market with a few large firms controlling the industry
oligopoly
This ocean lies between Africa and Australia.
indian
This law states that as price increases, quantity supplied increases.
Law of Supply
This law states that as price increases, quantity demanded decreses.
Law of Demand
A situation where quantity supplied exceeds quantity demanded
surplus
Which market structure has the MOST control over price
monopoly
The number of days in a leap year.
366
A government tax on producers will cause supply to do this.
decrease
The term for how responsive quantity demanded is to a change in price.
elasticity of demand
What happens to price during a shortage
price increases
A market with many sellers offering slightly different products
monopolistic competition
The number of bones in the adult human body.
206