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Supply/Demand

QuestionAnswer
From which viewpoint is demand based? Consumer
The supply curve slopes which way? Upward
The demand curve slopes which way? Downward
From which viewpoint is supply based? Producer
The law of diminishing marginal utility states what? The more you have of something the less satisfying it is
Factors that affect consumer spending are what? law of diminishing marginal utility, income effect, substitution effect
Only a change in _______________ causes a change in quantity demanded. It moves along the same demand curve and does not shift. price
The law of demand states what? As price goes up, quantity demanded goes down. They have an inverse relationship
The point at which demand and supply meet is called what? equilibrium
What is represented on the horizontal axis? Quantity
What is represented on the vertical axis? Price
Created by: lbeddow
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