Chapter 4 - The Market Forces of Supply and Demand

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Microeconomics

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7 Terms

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Shortage
________- a situation in which quantity demanded is greater than quantity supplied.
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Surplus
________- a situation in which quantity supplied is greater than quantity demanded.
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particular good
Market- A group of buyers and sellers of a(n) ________ or service.
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Supply schedule
________- a table that shows the relationship between the price of a good and the quantity supplied.
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Law of supply
________ and demand- the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance.
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Market supply
________- the sum of the supplies of all sellers.
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Supply curve
________- a graph of the relationship between the price of a good and the quantity supplied.