Supply and Demand Review

Front

What is the law of demand?

Back

The law of demand states that as the price of a good or service increases, the quantity demanded for that good or service will decrease, assuming all other factors remain constant.

Front

How do government regulations affect the supply curve?

Back

Changes in government regulations can either shift the supply curve to the left or right, depending on the nature of the regulation.

Front

What effect does a change in age distribution have on housing demand?

Back

A change in the age distribution can either shift the demand curve for housing to the left or right, depending on the nature of the change.

Front

What factors can shift the demand curve for electric cars?

Back

Factors include changes in consumer income, prices of related goods, consumer tastes and preferences, population demographics, and advertising and marketing efforts.

Tags

NGSS.HS-ETS1-3

Front

How does a surplus affect market prices?

Back

A surplus leads to a decrease in price.

Front

How does a shortage affect market prices?

Back

A shortage leads to an increase in price.

Front

What is a supply curve?

Back

A supply curve is a graphical representation of the relationship between the price of a good and the quantity supplied.

Front

What is a demand curve?

Back

A demand curve is a graphical representation of the relationship between the price of a good and the quantity demanded.

Front

What is equilibrium price?

Back

Equilibrium price is the price at which the quantity of a good demanded by consumers equals the quantity supplied by producers.

Front

What happens to demand when consumer income increases?

Back

Typically, demand for normal goods increases when consumer income increases.