Interaction Between Demand And Supply

Question 0

Supply

Answer 0

Specific quantity of a product that a seller is willing and able to provide at various prices

Question 1

Demand

Answer 1

Buyers willingness and ability to purchase products at various price points

Question 2

Demand curve

Answer 2

Graph of quantities of a product that buyers will purchase at various prices

Question 3

Supply curve

Answer 3

Graph of quantities of a product that sellers will offer for sale, regardless of demand, at various prices

Question 4

Equilibrium point

Answer 4

Point at which quantity supply and quantity demanded are equal

Question 5

Interaction between supply and demand

Answer 5

Price up, QD down, QS up

Price down, QD up, QS down