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Unit 2: Supply and Demand

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Questions and Answers

What is the focus of macroeconomics?

Understanding the everyday microeconomic choices made by businesses

Exploring the allocation of resources and prices in the economy

Studying the large-scale economy at regional, national, or global levels (correct)

Analyzing the economic choices of individuals and households

What does microeconomics primarily study?

The broader regional and national trends in the economy

Influencing macroeconomic trends by government and institutions

How economic choices of individuals, households, and businesses affect resource allocation and prices (correct)

The growth and shrinkage of the entire economy

How are microeconomics and macroeconomics interconnected?

Macroeconomic trends directly influence microeconomic choices at the individual and household level

Microeconomics and macroeconomics operate independently without any interconnectedness

Everyday microeconomic choices made by individuals and businesses contribute to broader regional and national trends studied in macroeconomics (correct)

Macroeconomics has no impact on the everyday choices of individuals and businesses

Why do government and institutions seek to understand the relationship between macro and microeconomics?

To influence macroeconomic trends by affecting individual and businesses choices at the microeconomic level Signup and view all the answers

What does the law of supply state?

As the product price increases, the quantity of the product increases Signup and view all the answers

What happens to the supply when the cost of production increases?

Shifts left Signup and view all the answers

What is the law of demand?

As the price of the product increases, the quantity of the product decreases Signup and view all the answers

What happens to the demand when income increases?

Shifts right Signup and view all the answers

What do the supply and demand curves show?

The relationship between product price and quantity Signup and view all the answers

What is a shortage on the supply and demand curve?

When the supply is low and the demand is high Signup and view all the answers

What is a surplus on the supply and demand curve?

When the supply is high and the demand is low Signup and view all the answers

What is the equilibrium on the supply and demand curve?

Where the supply curve intersects with the demand curve Signup and view all the answers

What happens to the equilibrium price when the demand curve shifts right?

The equilibrium price increases Signup and view all the answers

What happens to the equilibrium price when the supply curve shifts right?

The equilibrium price decreases Signup and view all the answers