Home
Explore
Exams
Search for anything
Login
Get started
Home
Demand and Supply
Demand and Supply
0.0
(0)
Rate it
Studied by 3 people
View linked note
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Card Sorting
1/11
There's no tags or description
Looks like no tags are added yet.
Study Analytics
All
Learn
Practice Test
Matching
Spaced Repetition
Name
Mastery
Learn
Test
Matching
Spaced
No study sessions yet.
12 Terms
View all (12)
Star these 12
1
New cards
total surplus.
The sum of consumer surplus and producer surplus is social surplus, also referred to as economic surplus or total surplus.
2
New cards
Demand
________ is fundamentally based on needs and wants.
3
New cards
producer surplus.
The amount that a seller is paid for a good minus the sellers actual cost is called producer surplus.
4
New cards
Demand
________ is also based on ability to pay.
5
New cards
Law of Demand
As the price increases, the quantity demanded decreases and as the price decreases the quantity demanded increases
6
New cards
Supply
The amount of good and services a producer is willing to supply
7
New cards
Law of supply
The higher the price leads to a higher quantity and the lower price leads to a lower quantity supplied
8
New cards
equilibrium
The point where the supply curve and demand curve cross
9
New cards
price ceilings
keeps a price from rising above a certain level
10
New cards
price floor
a lowest price that one can legally pay from some good or service
11
New cards
consumer surplus
The amount of individuals would have been willing to pay minus the amount they actually pay
12
New cards
deadweight loss
the loss in social surplus that occurs when the economy produces an inefficient quantity
Explore top notes
Aztec religious beliefs and practices
Updated 458d ago
Note
Preview
PBAM Unit 3 (Small Business)
Updated 585d ago
Note
Preview
Element Names and Symbols
Updated 997d ago
Note
Preview
Purposive Communication - "The Communication Process"
Updated 940d ago
Note
Preview
developmental psych terms
Updated 817d ago
Note
Preview
(2025) U5 AP Psychology Unit 5 Mental and Physical Health
Updated 77d ago
Note
Preview
Unit 2: Interactions Among Branches of Government
Updated 619d ago
Note
Preview
Chapter 9: Cellular Respiration and Fermentation
Updated 924d ago
Note
Preview
Explore top flashcards
Sp3R Palabras que vienen del taíno
Updated 76d ago
Flashcards (22)
Preview
Thẻ ghi nhớ: TỪ VỰNG 03 | Quizlet
Updated 292d ago
Flashcards (35)
Preview
Piss många frågor inför språkhistoria prov walla
Updated 596d ago
Flashcards (67)
Preview
Marketing Exam 1
Updated 248d ago
Flashcards (54)
Preview
Microeconomics
Updated 32d ago
Flashcards (79)
Preview
AP Psych Unit 5 Part 2 Flashcards
Updated 502d ago
Flashcards (110)
Preview
Unit 3: Populations | Fall Semester Exam
Updated 537d ago
Flashcards (30)
Preview
japn1402 chapter 8 vocab
Updated 637d ago
Flashcards (44)
Preview