
Flashcardizz -Final - Unit 2- Supply and Demand
Flashcard
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Social Studies
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12th Grade
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Practice Problem
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Hard
Christine Charlebois
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49 questions
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1.
FLASHCARD QUESTION
Front
If the price of printers decreases, what happens in the market for ink cartridges?
Back
The demand increases.
2.
FLASHCARD QUESTION
Front
Generally, it can be said that the lower the price, the higher the quantity demanded.
Back
True
3.
FLASHCARD QUESTION
Front
For the law of demand, as the price rises, what happens to the quantity demanded?
Back
falls
4.
FLASHCARD QUESTION
Front
For the law of supply, as the price rises, what happens to the quantity supplied?
Back
goes up
5.
FLASHCARD QUESTION
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.
6.
FLASHCARD QUESTION
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.
7.
FLASHCARD QUESTION
Front
What could cause the price of cars to decrease?
Back
A new car dealership opens in the city.
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