Supply and Demand
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Last updated 8:28 PM on 10/22/24
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5 Terms
1
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The total amount of a good or service available for purchase at any given price is known as __________.
Supply.
2
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The desire for a good or service combined with the ability to purchase it is referred to as __________.
Demand.
3
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According to the Law of Demand, an increase in price results in a __________ in the quantity demanded.
decrease.
4
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The point where the quantity of goods supplied is equal to the quantity of goods demanded is called __________.
Equilibrium.
5
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If the price elasticity of demand is less than 1, it is termed __________ demand, indicating little effect on quantity demanded with price changes.
Inelastic.
