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Supply and Demand #1 Flashcards | StudBud
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Supply and Demand #1
Supply and Demand #1
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Flashcards
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Questions
10
Answers
1
The price of Pepsi goes way up, we can guess the Demand for _____________ will go up as well.
Coke
Fig Newtons
Bubble Gum
Doritos
2
The prices of goods go UP, I feel like I have less money, this is part of the...
Income Effect
Substitution Effect
Law of Demand
3
When PRICE goes UP, DEMAND goes _______________
Up
Same
Down
4
Does this demand schedule make sense? (Does it follow the Law of Demand?)
Yes
No
5
The price of a good goes down, we...
Shift our demand line RIGHT
Shift our demand line LEFT
Move along our demand line
6
If the Price of Nike shoes goes down, the Demand for Converse shoes will go...
Down
Up
Same
7
What is a simple way to increase demand for a good?
downgrade features
Raise the price
stop selling as many
Lower the price
8
When the PRICE of Doritos goes DOWN, the DEMAND for Doritos goes...
Same
Up
Down
9
10,000 people move to a town, we show the change in demand there by...
Shift our demand line to the RIGHT
Shift our demand line to the LEFT
Move along our demand line
10
You know next month a good goes on sale, your demand for that good RIGHT NOW will change so we
Shift our demand line RIGHT
Shift our demand line LEFT
Move along our demand line
