Flashcardizz -Final - Unit 2- Supply and Demand

Front

If the price of printers decreases, what happens in the market for ink cartridges?

Back

The demand increases.

Front

Generally, it can be said that the lower the price, the higher the quantity demanded.

Back

True

Front

For the law of demand, as the price rises, what happens to the quantity demanded?

Back

falls

Front

For the law of supply, as the price rises, what happens to the quantity supplied?

Back

goes up

Front

What will happen to the price of gasoline when two more gas stations open next to the first one, with no change in demand?

Back

The price of gasoline will decrease because there is more competition among companies.

Front

Why does LeBron James earn millions while teachers earn $30,000?

Back

All of the options: Consumers enjoy basketball and spend money on it, the supply of superstar basketball players is low compared to teachers, and the demand for LeBron James's talents is high as he generates significant income for companies.

Front

What could cause the price of cars to decrease?

Back

A new car dealership opens in the city.

Front

If the cost of computers decreases, then...

Back

if the cost of computers decreases, then...

Front

What could cause the demand for air travel to decrease?

Back

The price of traveling by plane increases.

Front

What will happen to the price of watermelons if California farmers have had wonderful weather and produced the largest watermelon crop in years?

Back

The price will fall.