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Supply and Demand Review Flashcards | StudBud

Explore/Supply and Demand Review

Substitutes: Demand for one increase the demand for the other will.....

Which of the following best describes the Law of Demand?

Supply and Demand Review

12 terms·StudBud Administration·39 plays

For Econ

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Questions 12

Answers

1
Which of the following best describes the Law of Demand?
As price increases, demand decreases
When demand is high, then supply is high
As price decreases, supply decreases
Scarcity makes the Law of Demand necessary
2
Substitutes: Demand for one increase the demand for the other will.....
Increase
Decrease
3
Mountain Dew; World Population decreases
Supply Curve Decreases
Demand Curve Increases
Supply Curve Increases
Demand Curve Decreases
4
Which of the following shifts the Demand Curve?
Government Taxes
Change in Producers
Consumer Income Changes
Input Prices
5
Which of the following shifts the Supply Curve?
Future Expectations
Price of Related Goods
Technology Advances
Changes in Consumers
6
An example of a Normal good is Hy-Vee brand.
True
False
7
Oranges; Study shows Oranges increases hearing ability
Demand Curve Increases
Demand Curve Decreases
Supply Curve Increases
Supply Curve Decreases
8
Ramen Noodles; Income decreases
Demand Curve Increase
Supply Curve Increase
Demand Curve Decrease
Supply Curve Decrease
9
Chicken; the price of feed decreases
Demand curve decreases
Supply curve increases
Demand curve increases
Supply curve decreases
10
Complements: Demand for one decreases, the demand for the other will.....
Increase
Decrease
11
Alaska Cruise; Tax increase on Cruises
Supply Curve Increase
Supply Curve Decrease
Demand Curve Decrease
Demand Curve Increase
12
What best describes a demand schedule?
It is used to make a supply curve
Shows the quantities of products supplied at each price
Shows the quantities of products demands at each price
Shows equilibrium of a item or service