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