Supply and demand, PPF, elasticity, and CFM

Front

Which statement describes the law of demand?

Back

As prices rise, quantity demanded decreases.

Front

Which explains why a supply line is upward sloping?

Back

the Law of Supply states there is a direct relationship between price and quantity

Front

Which is an example of the Law of Demand at work? Options: The price of the pizza goes up when the price of cheese goes up., Demand for pizza goes down when tacos become more popular, The price of pizza falls when the demand for pizza falls, Demand for pizza rises when the price of pizza falls

Back

Demand for pizza rises when the price of pizza falls

Front

What causes a shift in the demand curve?

Back

A change in an area other than price.

Front

The amount of a good or service that producers are willing and able to sell at all possible prices during a given period of time.

Back

Supply

Front

The diagram represents a(n)

Back

increase in supply

Front

The diagram represents a

Back

increase in demand

Front

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

Back

quantity demand goes up

Front

What will happen to the price of apple juice if millions of people see a famous sports star drinking it on television and fans think it helps make the athlete strong?

Back

The price will go up.

Front

Which condition would lead to the highest prices? Low supply, high demand; High supply, high demand; High supply, low demand; Low supply, low demand

Back

Low supply, high demand