Supply and Demand

Front

The desire to have some good or service and the ability to pay for it

Back

demand

Front

Which of these best describes the law of demand? Options: if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up, if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down, there is no law of demand, each situation is unique and demand and prices cannot be predicted, prices will go up for certain goods when quantity demanded goes up and vice versa

Back

if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

Front

A change in the price of a good causes people to buy more or less of an item. This best describes the concept of

Back

change in quantity demanded

Front

Iceberg lettuce and romaine lettuce are ____________.

Back

substitutes

Front

When the price of a product increases, a consumer is able to buy less of it with a given income. This describes:

Back

the income effect

Front

Which way does a supply curve slope?

Back

up

Front

Which graph below shows the SUPPLY CURVE?

Back

A

Front

The diagram represents a(n)

Back

increase in supply

Front

The equilibrium price is the price at which...

Back

the demand and supply curves intersect

Front

Which of these is most likely to happen to demand for clothes in a clothing store when blizzards keep customers at home? Options: The demand curve becomes steeper, The demand curve shifts to the right, The demand curve becomes flatter, The demand curve shifts to the left

Back

The demand curve shifts to the left