Flashcardizz -Final - Unit 2- Supply and Demand

Front

If the price of printers decreases, what happens in the market for ink cartridges?

Back

The demand increases.

Front

Generally, it can be said that the lower the price, the higher the quantity demanded.

Back

True

Front

For the law of demand, as the price rises, what happens to the quantity demanded?

Back

falls

Front

For the law of supply, as the price rises, what happens to the quantity supplied?

Back

goes up

Front

In a stretch of road, there is only one gas station. Then two more gas stations open next to the first one. The demand for gasoline does not change during this time. What will happen to the price of gasoline in this stretch of road and why?

Back

The price of gasoline will decrease because there is more competition among companies.

Front

Part of the reason why LeBron James earns millions of dollars every year while teachers can earn $30,000 is because...

Back

all of the options

Front

Which of the following could cause the price of cars to decrease? The local factory gives a big raise to its employees. None of the options. A new car dealership opens in the city. The price of gasoline decreases.

Back

A new car dealership opens in the city.

Front

If the cost of computers decreases, then...

Back

the demand for computers increases.

Front

Which of the following could cause the demand for air travel to decrease?
The price of traveling by plane decreases,
The price of traveling by plane remains the same,
The price of traveling by plane increases,
None of the options

Back

The price of traveling by plane increases

Front

California farmers have had wonderful weather. They have produced the largest watermelon crop in years. What will happen to the price of watermelons?

Back

The price will fall.