Chapter 4 - The Market Forces of Supply and Demand
0.0(0)
Studied by 1 person
View linked note
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/5
Earn XP
Description and Tags
Last updated 7:40 PM on 4/13/22
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
6 Terms
1
New cards
Surplus
________- a situation in which quantity supplied is greater than quantity demanded.
2
New cards
Shortage
________- a situation in which quantity demanded is greater than quantity supplied.
3
New cards
Supply schedule
________- a table that shows the relationship between the price of a good and the quantity supplied.
4
New cards
Law of supply
________ and demand- the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance.
5
New cards
Market supply
________- the sum of the supplies of all sellers.
6
New cards
Supply curve
________- a graph of the relationship between the price of a good and the quantity supplied.
