ECO 201: Chapter 3 Exam Questions
and Answers 100% Pass
Demand - ✔✔the amount if some good or service consumers are willing and able to
purchase at each price
Price - ✔✔what a buyer pays for a unit of the specific good or service.
Quantity Demanded - ✔✔the total # of units of a good or service consumers are willing
to purchase at a given price.
Law of Demand - ✔✔if price goes UP then quantity demanded goes UP.
Demand Schedule - ✔✔a table that shows a range of prices for a certain good or service
and the quantity demanded at each price.
Demand Curve - ✔✔a graphic representation of the relationship between price and
quantity demanded of a certain good or service.
What does each axis on the demand curve represent? - ✔✔horizontal axis = quantity
vertical axis = price
Supply - ✔✔the amount of some good or service a producer is willing to supply at each
price
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, Quantity Supplied - ✔✔the total # of units of a good or service producers are willing to
sell at a given price
Law of Supply - ✔✔- if price goes UP then quantity supplied goes UP
- if price goes DOWN then quantity supplied goes DOWN.
Supply Schedule - ✔✔a table that shows the quantity supplied at a range of different
prices.
Supply Curve - ✔✔a graphic representation of the relationship between price and
quantity demanded of a certain good or service.
What does each axis on the supply curve represent? - ✔✔horizontal axis = quantity
vertical axis = price
Equilibrium - ✔✔the combination of price and quantity where there is no economic
pressure from surpluses or shortages that would cause price or quantity to change.
Equilibrium Price - ✔✔the price where quantity demanded = quantity supplied
Equilibrium Quantity - ✔✔the quantity at which quantity demanded and quantity
supplied are equal for a certain price level.
Surplus (excess supply) - ✔✔quantity supplied > quantity demanded
Shortage (excess demand) - ✔✔quantity demanded > quantity supplied
Ceteris Paribus - ✔✔"other things being equal"
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and Answers 100% Pass
Demand - ✔✔the amount if some good or service consumers are willing and able to
purchase at each price
Price - ✔✔what a buyer pays for a unit of the specific good or service.
Quantity Demanded - ✔✔the total # of units of a good or service consumers are willing
to purchase at a given price.
Law of Demand - ✔✔if price goes UP then quantity demanded goes UP.
Demand Schedule - ✔✔a table that shows a range of prices for a certain good or service
and the quantity demanded at each price.
Demand Curve - ✔✔a graphic representation of the relationship between price and
quantity demanded of a certain good or service.
What does each axis on the demand curve represent? - ✔✔horizontal axis = quantity
vertical axis = price
Supply - ✔✔the amount of some good or service a producer is willing to supply at each
price
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 1
, Quantity Supplied - ✔✔the total # of units of a good or service producers are willing to
sell at a given price
Law of Supply - ✔✔- if price goes UP then quantity supplied goes UP
- if price goes DOWN then quantity supplied goes DOWN.
Supply Schedule - ✔✔a table that shows the quantity supplied at a range of different
prices.
Supply Curve - ✔✔a graphic representation of the relationship between price and
quantity demanded of a certain good or service.
What does each axis on the supply curve represent? - ✔✔horizontal axis = quantity
vertical axis = price
Equilibrium - ✔✔the combination of price and quantity where there is no economic
pressure from surpluses or shortages that would cause price or quantity to change.
Equilibrium Price - ✔✔the price where quantity demanded = quantity supplied
Equilibrium Quantity - ✔✔the quantity at which quantity demanded and quantity
supplied are equal for a certain price level.
Surplus (excess supply) - ✔✔quantity supplied > quantity demanded
Shortage (excess demand) - ✔✔quantity demanded > quantity supplied
Ceteris Paribus - ✔✔"other things being equal"
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 2
