Supply and Demand

Front

What does this curve represent? Options: demand, supply, equilibrium, shortage

Back

supply

Front

What does this curve represent? Options: supply, equilibrium, demand, surplus

Back

demand

Front

An increase in the price of aspirin is likely to be paired with a(n) ___________________ in the demand for Tylenol because the two goods are __________________.

Back

increase; substitutes

Front

If the price of printers goes down, what happens in the market for ink cartridges?

Back

Demand increases.

Front

Printers and ink cartridges are typically purchased together. Economists would call these

Back

Complements

Front

The following is a factor that will not cause the demand curve to shift: Advertising, Population, Price, Consumer expectations

Back

Price

Front

A change in quantity demanded is shown

Back

at various points on the demand curve

Front

Consuming more of one good because of a change in price of another good is known as the

Back

substitution effect

Front

A table that lists the quantity of a good that a single person will buy at each price in a market.

Back

demand schedule

Front

In a market economy, who decides on the prices of goods and services? Options: government, buyers and sellers, firms, local leaders

Back

buyers and sellers