Supply and Demand

Front

This curve demonstrates what idea?

• As price increases, quantity demanded goes up
• As price decreases, quantity supplied goes up
• As price increases, quantity supplied goes up
• As price decreases, quantity demanded goes down

Back

As price increases, quantity supplied goes up

Front

This curve demonstrates what idea?
Options: As price increases, quantity demanded goes up, As price decreases, quantity supplied goes up, As price increases, quantity supplied goes up, As price decreases, quantity demanded goes up

Back

As price decreases, quantity demanded goes up

Front

A point ON the curve could change if...? Options: Price changes, People's tastes or preferences change, There is an increase in demand, There is a change in tax structure

Back

Price changes

Front

If the price of a good goes up, what will happen to quantity supplied?

Back

It will increase

Front

What will happen to quantity demanded if the price goes down?

Back

It will increase

Front

What could cause the shift from D1 to D2? Options: A change in preferences, A change in price, A change in quantity demanded, A change in quantity supplied

Back

A change in preferences

Front

This graph represents...? Options: Changes in quantity demanded, Changes in quantity supplied, Changes in demand, Changes in supply

Back

Changes in demand

Front

This graph represents...?

• Changes in quantity demanded
• Changes in quantity supplied
• Changes in demand
• Changes in supply

Back

Changes in supply

Front

What would cause the supply curve for iPhones to shift from S to S1 (red to purple line)?

Back

An increase in the cost of producing an iPhone

Front

If Tom Brady unretires and wins a Super Bowl, what will happen to the demand curve for Tom Brady jerseys (in theory)?

Back

It will shift to the right