EC-011, It's the Law (Supply and Demand)

Buying goods/services to maintain quality of life. This is referred to as

You're sale are growing. The law of supply/demand says what will happen to price and supply?

Have $5K. Found a car costing $4K, not worth more than $3K. Others agree. Does demand exist?

After 20 years, Don closes store when several big box stores move to area. Which affect supply?

Which of the following factors may influence supply:

Which of the following is a factor affecting a product’s utility to the individual customer:

Quantity of good/service producers are able/willing to offer at specified price at given time

Many houses for sale at low price, but demand is low. What kind of market most likely exists?

Which of the following might cause supply of a good to decrease:

Considering a new product. Definitely has demand. Only 2 producers of product. Why not produce?

Less expensive substitutes are readily available, then demand for product is likely to be more

Which of the following determines whether consumers can purchase goods or services:

Which of the following describes inelastic demand:

When price increases, the quantity offered for sale will increase. This is example of law of

Which of the following is characteristic of a seller’s market:

One reason why the supply of certain products has been eliminated is because of

Joe is ready to buy a new car, he has saved enough. The quantity that he is prepared to buy:

Most businesses strive to supply goods and services in direct proportion to

The price of complementary products has an effect on

Researching potential demand for new product, factor that most likely to affect demand is the

With new gas tax, people still buy gas to drive to work. What type of demand?

Sue wants to figure out how much changes in price will affect her sales, she pays attention to

What might businesses do if they expect prices to increase substantially in the future?

Price change leads to major change in number of people who purchase. This means that demand is

Demand for a good is more likely to be elastic when the good is