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8IAS Laws of Supply and Demand Flashcards | StudBud
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8IAS Laws of Supply and Demand
8IAS Laws of Supply and Demand
6 terms
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StudBud Administration
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#law of supply #law of demand #supply #demand
Flashcards
6 cards
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Questions
6
Answers
1
Which law states that when the price of a product goes up demand goes down?
Law of Supply
Law of Demand
Law of Monopoly
2
According to the law of demand, if the price of the iPhone goes down, demand will.....
increase
decrease
stay the same
3
The equilibrium price is a price at which demand will equal supply.
False
True
4
The quantity of a particular product that producers are able and willing to make for sale is...
Wages
Supply
Demand
Cost
5
Which law states that when the price of a product goes up supply goes up?
Law of Monopoly
Law of Demand
Law of Supply
6
The quantity of a particular good or service that consumers are willing and able to buy is...
Demand
Wages
Cost
Supply