test_review_2

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Demand and Supply Test Review

Know the following:

• Law of Demand

  • Law of Supply

  • Demand/Supply schedules vs. curves

  • Demand vs. quantity demanded

  • Supply vs. quantity supplied

  • Shifts in demand – causes (list); curves

  • Shifts in supply – causes (list); curves

  • What do the curves mean? Can you interpret them?

  • Price vs. costs

  • Demand elasticity – definition; causes and effects; shapes of curves

  • Supply elasticity – definition; causes and effects (just the basics)

  • Diminishing marginal returns

  • Marginal revenues/costs