01
Front
What does a demand curve represent?
Back
Demand is the relationship between a good’s price and the quantity buyers are willing and able to purchase, other things held constant. Its curve usually slopes downward.
Free Online Flashcard Deck
Market Equilibrium and Shifts in Supply and Demand Free Online FlashCards
Study Market Equilibrium and Shifts in Supply and Demand with 12 free online flashcards. Review key terms, definitions, and concepts with this interactive flashcard deck.
12 cards
02
Front
What does a supply curve represent?
Back
Supply is the relationship between a good’s price and the quantity sellers are willing and able to offer, other things held constant. Its curve usually slopes upward.
03
Front
What is market equilibrium?
Back
Market equilibrium occurs where the quantity buyers plan to purchase equals the quantity sellers plan to sell.
04
Front
How are equilibrium price and quantity read from a graph?
Back
The equilibrium price is the vertical coordinate of the demand–supply intersection; the equilibrium quantity is its horizontal coordinate.
05
Front
When does a market have a surplus?
Back
A surplus occurs when the price is above equilibrium, so the quantity supplied exceeds the quantity demanded.
06
Front
What causes movement along a demand or supply curve?
Back
A change in the good’s own price causes movement along its curve, changing quantity demanded or supplied without moving the curve.
07
Front
What causes a demand or supply curve to shift?
Back
A non-price change that alters planned buying or selling at every price shifts the curve. For example, popularity can shift demand, while input costs can shift supply.
08
Front
What happens when demand shifts right and supply stays fixed?
Back
A demand increase shifts demand right; equilibrium price and quantity both rise.
09
Front
What happens when supply shifts right and demand stays fixed?
Back
A supply increase shifts supply right; equilibrium price falls and equilibrium quantity rises.
10
Front
If demand and supply both increase, what happens to equilibrium?
Back
When demand and supply both increase, equilibrium quantity rises, but the price change is ambiguous because the shifts push price in opposite directions.
11
Front
When does a market have a shortage?
Back
A shortage occurs when the price is below equilibrium, so the quantity demanded exceeds the quantity supplied.
12
Front
What happens when demand shifts left and supply stays fixed?
Back
A demand decrease shifts demand left; equilibrium price and quantity both fall.
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