Chapter 29 demand and supply

Which of the following effect the economic system?

• Consumer demand

• Products

• Price

• Income

What is it called when a consumer desires to purchase a good or service?

• Supply

• Price

• Income

• Demand

A luxury good is an exception to the law of demand

• True

• False

Demand _______: a graphic representation of the relationship between product price and quantity demanded

Which is NOT a factor that effects demand

• Change in income

• Government action

• Technology

• Tastes and fashion

The demand curve shifts to the left when there is an increase in demand

• True

• False

Is this the supply or demand curve

• Demand Curve

• Supply Curve

Supply describes the total amount of a specific good or service available to a __________

Cost of production is a factor that effects supply

• True

• False

If a product adds value to another product this is called

• Luxury item

• Helpful

• Complimentary goods

• Supply goods