Supply, Demand, Markets & Prices

Front

The Law of Demand states that as quantity demanded decreases...

Back

price increases

Front

A sharp rise in the price of Doritos may lead to an increase in the demand for: salsa, hamburgers, Cheetos, napkins

Back

Cheetos

Front

What would cause the demand to move along the demand curve instead of shifting it right or left?

Back

price

Front

What will happen in relation to demand for swimsuits if the weather is sunny and beautiful?

Back

the demand curve shifts to the right

Front

Supply depends on the willingness and ability of 

Back

producers to sell

Front

According to the Law of Supply, what happens as price increases?

Back

The quantity supplied increases

Front

Which of these would most likely increase the supply of Pizza Hut pizza? Options: a delivery trucker strike, a government excise tax, a decrease in the price of cheese, an increase in the supply of Runza hamburgers

Back

a decrease in the price of cheese

Front

The degree to which the quantity demanded responds to changes in price is called

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elasticity

Front

Which of these best describes market equilibrium? Options: the price of Pepsi does not vary much from week to week, Pepsi production provides a good profit for the manufacturer, everyone who wants Pepsi can easily afford to buy it, the amount of Pepsi for sale matches the amount that people want to buy

Back

the amount of Pepsi for sale matches the amount that people want to buy

Front

Where supply and demand intersect

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equilibrium