Podcast
Questions and Answers
True or false: A supply schedule shows the relationship between the price of a good and the quantity supplied?
True or false: A supply schedule shows the relationship between the price of a good and the quantity supplied?
True
True or false: A supply schedule is a graph that represents the relationship between the price of a good and the quantity supplied?
True or false: A supply schedule is a graph that represents the relationship between the price of a good and the quantity supplied?
False
True or false: A supply schedule is a tool used to determine the demand for a good?
True or false: A supply schedule is a tool used to determine the demand for a good?
False
True or false: The point where the supply curve and the demand curve intersect is called the equilibrium.
True or false: The point where the supply curve and the demand curve intersect is called the equilibrium.
Signup and view all the answers
True or false: The equilibrium price is the price where the desires of consumers and producers agree.
True or false: The equilibrium price is the price where the desires of consumers and producers agree.
Signup and view all the answers
True or false: The quantity demanded is equal to the quantity supplied at the equilibrium price.
True or false: The quantity demanded is equal to the quantity supplied at the equilibrium price.
Signup and view all the answers
True or false: When the market is not in equilibrium, the quantity demanded is not equal to the quantity supplied.
True or false: When the market is not in equilibrium, the quantity demanded is not equal to the quantity supplied.
Signup and view all the answers
True or false: Market forces will push the market towards equilibrium if it is not already there.
True or false: Market forces will push the market towards equilibrium if it is not already there.
Signup and view all the answers
Study Notes
Supply and Demand
- A supply schedule shows the relationship between the price of a good and the quantity supplied: TRUE
- A supply schedule is a graph that represents the relationship between the price of a good and the quantity supplied: FALSE (a supply schedule is typically a table, not a graph)
- A supply schedule is a tool used to determine the demand for a good: FALSE (a supply schedule shows the quantity supplied at different prices, not demand)
- The point where the supply curve and the demand curve intersect is called the equilibrium: TRUE
- The equilibrium price is the price where the desires of consumers and producers agree: TRUE
- The quantity demanded is equal to the quantity supplied at the equilibrium price: TRUE
- When the market is not in equilibrium, the quantity demanded is not equal to the quantity supplied: TRUE
- Market forces will push the market towards equilibrium if it is not already there: TRUE
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on supply schedules and their importance in understanding the relationship between price and quantity supplied of a good.
