Supply and Demand

The Law of Demand says as price ___________ demand___________.

• Increaseses, Increases

• Decreases, Decreases

• Decreases, Increases

• Increases, Decreases

When demand changes a lot with the price of a good that is

• Elastic

• Inelastic

Which of the following is not a non-price factor that affects demand?

• Substitution Effect

• Complimentary Products

• Change in Income

• Change in cost of Production

The Law of Supply says that as price_________supply___________

• Increases, Decreases

• Increases,Increases

• Decreases, Increases

• Decreases, Decreases

Items that have supplies that are increased with difficulty are_____________

• Elastic

• Inelastic

Which of the following is not a non-price factor of Supply?

• Change in Cost of Production

• Price of Resource Changes

• Changes in Attitudes

• Maximization of Profit

The point at which quantity demanded and quantity supplied meet is (a)   .

Which of the following is not a reason for a change in equilibrium?

• Change in Supply

• Change in Price

• Change in Demand

• Change in Cost