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Duplicate of Supply, Demand, Equilibrium Flashcards | StudBud
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Duplicate of Supply, Demand, Equilibrium
Duplicate of Supply, Demand, Equilibrium
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StudBud Administration
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Marketing Principles basic economics
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Questions
5
Answers
1
Goods coming into a country from another country are called
imports
duties
customs
exports
2
What happens to the supply of goods that producers are willing to produce when prices fall?
Firms supply more
Supply is constant
Firms supply less
Diminishing marginal utility
3
The equilibrium point is the point where .....
everyone is happy
supply is a shortage
supply and demand curves cross
There is a surplus, top of supply curve
4
Is this a supply or demand curve?
Supply
Demand
5
Generally, when the price of an item falls, what happens to the demand for that product?
demand falls
demand falls as well
People substitute other goods
An increase in demand