Supply and Demand Practice

Front

The law of supply states that when the price increases, the quantity supplied

Back

increases

Front

The law of demand states that when the price decreases, the quantity demanded

Back

increases

Front

What is the only thing that causes a change in quantity demanded?

Back

A change in price

Front

When price changes there is a _____________ the curve.

Back

slide on

Front

When something other than price changes there is a ______________the curve

Back

shift of

Front

How will an increase in the price of donuts affect the quantity demanded of donuts?

Back

Quantity demanded will decrease, and there will be a slide up the demand curve.

Front

If the price of bracelets decreases, how will the quantity supplied be affected?

Back

The quantity supplied will decrease, and there will be a slide down the supply curve.

Front

If a good becomes more popular, ___________ will increase and shift right.

Back

demand

Front

If the cost of a resource used to make a good increases, __________ will decrease and shift left.

Back

supply

Front

Substitutes

Back

Goods that can be used in place of one another