Supply and Demand Test Review

A shift from D1 to D2 would most likely happen because

• a successful advertising campaign

• increased popularity of a product

• a new and better product coming out

• increased demand for a product

A shift from S1 to S2 would most likely happen because of

• decreased demand for a product

• 2 more suppliers entering the market

• lower prices of a good

• a product losing popularity

This is a

• PPC Curve

• Supply Curve

• Demand Curve

• Supply and Demand Curve

When price goes up, supply goes up. When price goes down, supply goes down.

• law of demand

• law of supply

• supply schedule

• demand schedule

change in production from hiring 1 more worker

• demand

• supply

• supply schedule

• marginal product

Demand/Supply Schedules show for individuals only, not the whole market

• true

• false

• sometimes

• depends

An increase in supply or demand is a shift right on a curve

• true

• false

• demand is left only

• supply is left only

A decrease in supply or demand is

• a shift left

• a shift right

• movement on the line

• product of labor

Adding more workers always increases profit

• true

• false

The word "Marginal" in economics usually refers to

• an increase by 20 of something

• an increase/decrease by 1 of something

• a decrease in 20 of something

• a crash