Demand and Supply

Front

How does an increase in consumer population affect the demand for most products?

Back

Demand Increases

Front

A shift to the left in the demand curve indicates _________________________.

Back

decrease in demand

Front

When a product becomes a fad, the demand curve for that product __________________.

Back

shifts to the right

Front

Which of the following goods has inelastic demand? insulin, diet coke, a particular brand of coffee, t-bone steak

Back

insulin

Front

If two products are complementary goods, how will a decrease in the price of one affect the other?

Back

demand will increase

Front

According to the law of supply, as the price rises for a good, _______________________.

Back

quantity supplied increases

Front

The use of technology to produce and distribute goods will _________________________.

Back

increase supply

Front

A decrease in the demand for a good together with an increase in supply would cause ______.

Back

surplus of the good

Front

When a market economy operates without restriction, it ________________________.

Back

eliminates shortages and surpluses

Front

In a black market, goods are traded __________________________.

Back

at illegally high prices