Supply and Demand

Front

The law of demand states that if the price of iPhones rise, consumers will

Back

Buy fewer iPhones

Front

The law of supply states that if the price of iPhones rise, suppliers will

Back

Supply more iPhones

Front

Which of the following will cause an increase in demand for snowboards? More costly production methods, A decrease in the price of lift tickets at resorts in Colorado, A decrease in consumer income, A decrease in the population

Back

A decrease in the price of lift tickets at resorts in Colorado

Front

What does a surplus of goods in a market imply?

Back

Prices are too high

Front

What happens to the market for gasoline as Americans revive their love of SUVs and the newly remodeled, but still “gas guzzling” Hummer?

Back

Demand for gasoline will increase

Front

Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?

Back

Demand for gasoline will decrease

Front

Costs of producing gasoline has increased due to rising energy costs. What happens to the market for gasoline?

Back

Supply for gasoline will decrease

Front

When the demand for a product or service is higher than the supply this causes what?

Back

shortage

Front

The desire or willingness a consumer has to purchase a good or a service is called?

Back

demand

Front

The point where supply and demand are balanced is?

Back

equilibrium