Which statement describes the law of demand?
Supply and Demand

Flashcard
•
Social Studies
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
As prices rise, quantity demanded decreases.
2.
FLASHCARD QUESTION
Front
Which explains why a supply line is 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? Options: The price of the pizza goes up when the price of cheese goes up., Demand for pizza goes down when tacos become more popular, The price of pizza falls when the demand for pizza falls, Demand for pizza rises when the price of pizza falls
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
The market equilibrium price is the price at which
Back
the quantity demanded is the same as the quantity supplied
7.
FLASHCARD QUESTION
Front
What is the Equilibrium Price?
Back
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers.
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