Supply and Demand

Which of these has the LEAST impact on demand for a product?

• Prices of substitutes and complements

• Available resources

• Incomes

• Weather and seasons

The​ law of supply shows that when prices increase, the quantity produced ​ (a)  

• increases
• decreases

Which of the following would DECREASE the supply of a product?

• New businesses to produce

• Higher taxes on the product

• New technology to produce more efficiently

• Increase in resources

The shift on this chart represents

• An increase in supply

• an increase in demand

• A decrease in supply

• A decrease in demand

Label the points on the chart

a

b

c

Equilibrium

Shortage

Surplus