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1 the equilibrium point is the level where the demand

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_______1. The equilibrium point is the level where the demand and supply curves intersect._______2. If the price is above the equilibrium level, the quantity demanded is greater than the quantitysupplied.______3. If the price is below the equilibrium point, the quantity demanded is lesser than the quantity supplied.______4. The law of demand applies during online sales of computers when consumers rush to buy productsat 30% discounts.______5. The law of supply applies when the producers supply more masks at a higher price; selling at higherquantity at a higher price increases revenue.______6. If the price is below the equilibrium level, then the quantity demanded will exceed the quantitysupplied.______7. Shortage will exist if the price is below the equilibrium point______8. The upward slope of the supply curve illustrates the law of demand— ―higher price leads to ahigher quantity supplied, and vice versa.______9. The downward slope of the demand curve illustrates the law of supply—the inverse relationshipbetween prices and quantity demanded._____10. Time is important to supply because suppliers must react quickly to a change in demand or price._____11. A shift in a demand or supply curve occurs when quantity demanded or supplied changes eventhough price remains the same._____12. The law of supply says that ―at higher prices, sellers will supply more of economic goods_____13. Scarcity in goods and services happens if the resources inthe production are inadequate orscarce._____14. Customers must choose among several alternatives if scarcity exists._____15. Income inequality is the gap in income that exists between the rich and the poor customers willing tobuy the same products._____16. Shortage of goods and services is an economic problem; and shortages are always constant_____17. The Build Build Build Program by the government aims to help improve the infrastructure projectsand other programs of the country._____18. Elasticity of demand refers to the change in demand when there is a change in another factor suchas price or income._____19.If demand for a good or service is static even when the price changes, demand is said to be inelastic._____20. Examples of elastic goods include gasoline, while inelastic goods are items like canned goods andvitamin c tablets.
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Term
Summer
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Tags
Supply And Demand, A Consumers Goods, b Essential Goods

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