Demand, supply, customers

The law of demand says that:

• as price goes up, quantity demanded goes up

• as price goes up quantity demanded goes down

• as price goes up, quantity demanded remains the same

The following is not a determinant of demand:

• taste

• technology

• prices of substitutes

The following is a determinant of demand

• income

• taxes

• subsidies

An increase of wages will lead to a:

• decrease in supply

• decrease in demand

• increase in supply

The following products would be considered compliments:

• pepsi and coke

• hot dogs and hot dogs buns

• hamburgers and chicken sandwiches

What is a complimentary good?

• a good that replaces a good

• a good that goes with another good

• a good that makes up a part of a whole good

What would happen if there is more supply than demand?

• shortage

• people want more

• surplus

When demand for product decreases, the price will

• decrease

• increase

• stay the same

The change in population will affect

• supply

• demand

• price

The change in consumer tastes will affect

• supply

• demand

• price