What is the "law of demand"?
Supply and Demand Shifters

Flashcard
•
Business
•
11th Grade
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
Back
As price increases, demand decreases, and vice versa.
2.
FLASHCARD QUESTION
Front
If there is a major storm that shuts down traffic in the city and keeps people at home, what happens to the demand curve?
Back
The curve shifts left
3.
FLASHCARD QUESTION
Front
What happens to the demand for a product if the price of a complementary good decreases?
Back
The demand for the product will increase.
4.
FLASHCARD QUESTION
Front
How does a decrease in the number of buyers affect the demand curve?
Back
The demand curve will shift to the left.
5.
FLASHCARD QUESTION
Front
If the price of a substitute good decreases, what happens to the demand for a product?
Back
Demand for the product decreases.
6.
FLASHCARD QUESTION
Front
How does an increase in the number of buyers shift the demand curve?
Back
The demand curve shifts to the right.
7.
FLASHCARD QUESTION
Front
Describe the impact of government regulations on the demand for a product.
Back
Government regulations can impact the demand for a product by either increasing or decreasing it.
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