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15
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Why is allowing the market to adjust prices often the best solution to surpluses or shortages?
Because it naturally restores equilibrium without causing long-term distortions.
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15
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What does a supply schedule show?
A table listing various quantities produced at various prices.
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shark
Other team loses 15 points!
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gift
Win 25 points!
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banana
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15
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What does a shift in the supply curve represent?
A change in supply, caused by factors other than price, shifting the curve left or right.
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15
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Who identified the principle of diminishing marginal utility?
The principle was identified by economists including William Stanley Jevons and others in the Marginalist revolution.
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15
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What are the three functions of prices?
Transmit information, provide incentives, redistribute income.
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At what point do supply and demand intersect?
At the market equilibrium point, where quantity demanded equals quantity supplied.
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seesaw
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gift
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banana
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15
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What is the economic definition of demand?
The quantity of a good or service that consumers are willing and able to purchase at various prices, other things held constant.
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How do production costs affect supply?
If production costs rise, the firm decreases the quantity supplied at the same price.
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What does the principle of diminishing marginal utility state?
People receive less additional satisfaction from each extra unit of a good or service consumed over a period of time.
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What occurs when the price of a product is higher than the equilibrium price?
A surplus occurs—quantity supplied exceeds quantity demanded.
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15
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What is supply?
The amount of goods and services business firms are willing and able to provide at different prices.
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What three factors could lead to a change in supply?
Changes in technology, changes in production costs, changes in prices of related goods.
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What happens when the price is set below the equilibrium price?
A shortage occurs, with demand exceeding supply.
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seesaw
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star
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rocket
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baam
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