Supply and Demand
Flashcard
•
Social Studies
•
11th Grade
•
Practice Problem
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
Which statement describes the law of demand?
Back
As prices rise, quantity demanded decreases
2.
FLASHCARD QUESTION
Front
Why is a supply line upward sloping?
Back
The Law of Supply states there is a direct relationship between price and quantity.
3.
FLASHCARD QUESTION
Front
Which is an example of the Law of Demand at work?
Back
Demand for pizza rises when the price of pizza falls
4.
FLASHCARD QUESTION
Front
What causes a shift in the demand curve?
Back
A change in an area other than price
5.
FLASHCARD QUESTION
Front
The amount of a good or service that producers are willing and able to sell at all possible prices during a given period of time.
Back
Supply
6.
FLASHCARD QUESTION
Front
What is the market equilibrium price?
Back
The quantity demanded is the same as the quantity supplied.
7.
FLASHCARD QUESTION
Front
What is the Equilibrium Price?
Back
3
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