quiz image

Excess Supply Quiz

LucidConceptualArt avatar
LucidConceptualArt
·

Start Quiz

Study Flashcards

10 Questions

occurs when there is excess supply than consumer demand.

Surplus

refers to dishonest or fraudulent behavior by people with power such as managers.

Corruption

refers to state or condition in which people do not have minimum standard of life deemed accepted by the society.

Poverty

what is the two scope of economics

Microeconomics and Macroeconomics

The amount of goods and services consumers are willing to buy or purchase at a certain price.

demand

tates that quantity purchased varies inversely with price, the higher the price, the lower the quantity demanded and vice versa

law of demand

All else equal” or “All remain constant” and Price is the only determinant that affects changes in the quantity!

ceteris paribus

The amount of goods and services producers are willing to sell at a certain price.

supply

states that quantity supplied is directly proportional with price, the higher the price, the higher the quantity supplied and vice versa

law of supply

To get one thing, we usually have to give up something else

People Face Trade-offs

Test your knowledge on the concept that occurs when there is more supply than consumer demand in the market.

Make Your Own Quizzes and Flashcards

Convert your notes into interactive study material.

Get started for free
Use Quizgecko on...
Browser
Browser