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ECO211 Chap. 3 Flashcards | StudBud
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ECO211 Chap. 3
ECO211 Chap. 3
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Demand and supply
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
If demand decreases which way does the demand curve shift?
Left
Up
Down
Right
2
If the population of an economy increases, what increases?
Stability
Demand
Output
Supply
3
When the number of sellers increases in an economy what increases
Competition
All of the above
Supply
Not the prices
4
States that the quantity demanded and price move in opposite directions.
Law of Demand
Law of Diminishing Returns
Market
Law of Supply
5
What happens to demand of a product when the popularity increases?
Decreases
Increases
Stays the same
there is no demand for popular goods
6
Which curve does expectations impact?
Both
Supply
Demand
Neither
7
What is the slope of the supply curve?
Negative
Horizontal
Positive
Vertical
8
What would happen if there is more supply than demand?
Businesses buy more
Shortage
People want more
Surplus
9
What happens when the quantity demanded out weighs the quantity supplied?
Shortage
Extra
Surplus
Can't Happen
10
What are the two types of related goods?
Left and Right
Substitute and Teacher
Complementary and Inverse
Complementary and Substitute
