
Understanding Supply and Demand Principles
Flashcard
•
English
•
12th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the law of demand?
Back
The law of demand states that, all else being equal, as the price of a good decreases, the quantity demanded increases, and vice versa.
2.
FLASHCARD QUESTION
Front
What happens to equilibrium price when demand increases?
Back
When demand increases, the equilibrium price typically rises due to higher competition for the available supply.
3.
FLASHCARD QUESTION
Front
What is equilibrium quantity?
Back
Equilibrium quantity is the amount of a good or service that is supplied and demanded at the equilibrium price.
4.
FLASHCARD QUESTION
Front
What is the effect of a decrease in supply on equilibrium price?
Back
A decrease in supply, with demand held constant, leads to an increase in equilibrium price.
5.
FLASHCARD QUESTION
Front
What is the relationship between production costs and supply?
Back
Generally, if production costs decrease, the supply of the product increases, as producers can afford to produce more.
6.
FLASHCARD QUESTION
Front
What is the effect of government taxes on supply?
Back
Government taxes on production typically decrease supply, as they increase the cost of production for suppliers.
7.
FLASHCARD QUESTION
Front
What is a shift in demand?
Back
A shift in demand refers to a change in the quantity demanded at every price level, caused by factors other than price, such as consumer preferences or income.
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