Supply & Demand Review (2024/25)
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
If Supply OR Demand INCREASE then the entire curve shift to the
Back
RIGHT
2.
FLASHCARD QUESTION
Front
If Supply OR Demand DECREASE then the entire curve shifts to the
Back
LEFT
3.
FLASHCARD QUESTION
Front
What will cause a CHANGE in Demand?
Back
Any one of the six shifters of demand (income, price of a subsitute/complement, expectations, etc)
4.
FLASHCARD QUESTION
Front
What will cause a CHANGE in Supply? A change in price, Any one of the six shifters of supply (cost of inputs, susbisdies, regulations, taxes, etc)
Back
Any one of the six shifters of supply (cost of inputs, susbisdies, regulations, taxes, etc)
5.
FLASHCARD QUESTION
Front
What does the law of demand state?
Back
As price increases, the quantity demanded decreases (and vice versa)
6.
FLASHCARD QUESTION
Front
A decrease in quantity demanded
Back
moves from right to left (up) the original demand curve
7.
FLASHCARD QUESTION
Front
The upward slope of the supply curve illustrates that
Back
as price increases, quantity supplied increases
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