Supply and Demand

Technology

Consumer tastes

Resource prices

Number of sellers

Normal goods

Inferior goods

Substitute goods

Complementary goods

Supply would increase.

Supply would decrease.

Supply would not change.

Demand would increase.

As price increases, demand increases.

As price decreases, demand decreases.

As price increases, quantity demanded decreases.

As price decreases, quantity demanded stays the same.

Increase supply

Decrease supply

Have no effect on supply

Increase demand

The supply curve will shift to the right.

The supply curve will shift to the left.

The supply curve will not shift.

The demand curve will shift to the left.

Demand increases as income rises.

Demand decreases as income rises.

Demand is not affected by income.

Demand always increases when price decreases.

Consumer tastes

Number of buyers

Resource prices

Consumer expectations

The demand for tea will increase.

The demand for tea will decrease.

The demand for tea will not change.

The supply of tea will increase.

Demand would increase.

Demand would decrease.

Demand would not change.

Supply would increase.