Mr. Hetz Demand and Supply

Which one is a determinant of supply

When there is an increase in income

Economic rule stating the price and quantity supplied move in the same direction

T/F Supply will decrease as more companies produce the same product

The law of diminishing returns states

When a product becomes a fad, the demand curve for that product

True or False An increase in wages does not necessarily mean an increase in real income

The use of technology to produce and distribute goods will

The distribution of goods/services based on something other than price

An increase in corporate taxes will most likely shift the supply curve

Economic concept dealing with consumer's responsiveness to a price change

If the price of the product is above equilibrium price, the result is a

When the price of a good is too high for consumers, they look for

Which of the following has an inelastic demand

Shortage causes prices to

Prices on goods/services is determined

The relationship between price and quantity supplied is

Name a determinant of demand