Supply and Demand

Front

The law of demand states that

Back

price and quantity demanded are inversely related

Front

The law of demand refers to how

Back

the quantity demanded changes when the price of the good changes

Front

The downward slope of a demand curve

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represents the law of demand

Front

Iceberg & romaine are two different types of lettuce. For most consumers, iceberg and romaine are 

Back

substitutes

Front

If the demand for used cars decreases after the price of a new car falls, used cars and new cars are: inferior goods, substitute goods, complementary goods, normal goods

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substitute goods

Front

The law of demand states that

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price and quantity demanded are inversely related

Front

What shifts the demand curve for cellular phones leftward? Options: studies showing using cellular phones can cause brain cancer, a decrease in the price of cellular phones, a decrease in the quantity demanded of cellular phones, an increase in the services provided by cellular phones, such as text messaging.

Back

studies showing using cellular phones can cause brain cancer

Front

When producers offer more of a good as its price increases and less as its price falls, this defines the

Back

law of supply

Front

Movement along a supply curve demonstrates

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a change in quantity supplied

Front

A shift in a supply curve demonstrates

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a change in supply