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ECO210 7.50-9.15 Demand and supply (INDIVIDUAL) Flashcards | StudBud
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ECO210 7.50-9.15 Demand and supply (INDIVIDUAL)
ECO210 7.50-9.15 Demand and supply (INDIVIDUAL)
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Demand and supply
Flashcards
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Questions
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Answers
1
When the number of sellers increases in an economy what increases
Competition
Supply
All of the above
Not the prices
2
What are the two types of related goods?
Left and Right
Complementary and Inverse
Complementary and Substitute
Substitute and Teacher
3
States that the quantity demanded and price move in opposite directions.
Law of Demand
Law of Supply
Law of Diminishing Returns
Market
4
What is the slope of the supply curve?
Postive
Horizontal
Vertical
Negative
5
What happens when the quantity demanded out weighs the quantity supplied?
Extra
Surplus
Shortage
Can't Happen
6
If demand decreases which way does the demand curve move?
Up
Right
Left
Down
7
What would happen if there is more supply than demand?
Surplus
People want more
Businesses buy more
Shortage
8
Which curve does expectations impact?
Both
Supply
Demand
Neither
9
If the population of an economy increases, what increases?
Output
Supply
Demand
Stability
10
What happens to demand of a product when the popularity increases?
Decreases
there is no demand for popular goods
Stays the same
Increases