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Supply/Demand Check for Understanding Flashcards | StudBud
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Supply/Demand Check for Understanding
Supply/Demand Check for Understanding
13 terms
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StudBud Administration
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This is a simple game to check for understanding about the laws of supply and demand.
Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
In the law of demand, prices and quantity demanded have a/an ____________ relationship.
inverse
direct
2
The law of demand states that as prices increase, consumer demand will ___________.
increase
decrease
3
On a graph the supply curve slopes
up
down
4
Refers to the quantity of a product that producers are willing and able to produce at a price
supply
demand
5
The law of supply states that as prices decrease, produces will _________ product supplied.
decrease
increase
6
The law of demand states that as prices decrease, consumer demand will
increase
decrease
7
Refers to the quantity of a product consumers are willing and able to purchase at a given price
supply
demand
8
In the law of supply, the relationship between quantity supplied and prices is _________
inverse
direct
9
Which of the following is a factor that does NOT affect supply?
changes in technology
changes in a consumer's income
price expectations
number of suppliers
10
When the amount of product supplied equals product demanded
opportunity cost
market price/equilibrium
demand
supply
11
The law of supply states that as price increases, producers will _________supply
increase
decrease
12
On a graph, the demand curve slopes
up
down
13
Which of the following is NOT a factor that could affect demand
complementary and substitute goods
changes in income
number of suppliers
consumer preferences
