Supply and Demand
Which of the following best describes the law of demand?
According to the law of supply, what happens when the price of a good increases?
Which of the following would cause the demand curve for a normal good to shift to the right?
Suppose consumer income increases and the price of a complementary good decreases. What is the likely effect on the demand for the good in question?
Which of the following would cause the supply curve for a good to shift to the left?
Suppose the cost of raw materials increases and a new technology reduces production costs. What is the likely effect on the supply of the good?
A decrease in the price of a good will cause which of the following?
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Due to a viral social media trend, more consumers want to buy a particular product. How is this represented in a supply and demand model?
Market equilibrium occurs where:
Given a supply and demand graph, what is the equilibrium price and quantity?