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Demand and Supply Flashcards | StudBud

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What will happen to the demand curve of apples after an increase in the price of pears?

What is demand?

Demand and Supply

8 terms·StudBud Administration·41 plays

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Questions 8

Answers

1
What is demand?
The quantity of goods/services consumers are willing and able to buy
The quantity of products producer is willing and able to supply
The quantity of goods/services consumers buy
Refers to producing what a worker, firm or country is most efficient at
2
What will happen to the demand curve of apples after an increase in the price of pears?
Shift to the right
Extension
Shift to the left
Contraction
3
What causes a SHIFT in the supply curve?
Inferior Goods
Taste/Preferences
Technology
Population
4
What causes a shift to the left of the demand curve?
Complement price decreases
Substitute price decreases
Decreased subsidies
Increased taxes
5
Whats the relationship between price and quantity?
Couple
Inverse
Friends
Proportionate
6
What will happen to the supply curve if price decreases?
Shift to the left
Extension
Contraction
Shift to the right
7
Theres a positive relationship between price and quantity supplied
True
False
8
What causes a movement ALONG the demand curve
Price of substitutes/complements
Population
Advertising
Change in price