The law and demand says
ECON FLASHCARD 3: Supply and Demand

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Social Studies
•
12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
the lower the price, the more consumers will buy
2.
FLASHCARD QUESTION
Front
A drop in price will
Back
increase the demand for goods
3.
FLASHCARD QUESTION
Front
Which of the following describes the substitution effect? Options: as the price of a good falls, people will substitute other products; as the price of a good rises, people will substitute other products; as demand rises, people will substitute other products; as demand falls, people will substitute other products.
Back
as the price of a good rises, people will substitute other products
4.
FLASHCARD QUESTION
Front
a demand curve illustrates
Back
the quantities demanded at each price by consumers
5.
FLASHCARD QUESTION
Front
A market supply curve shows
Back
the quantity supplied by producers at different prices
6.
FLASHCARD QUESTION
Front
Which of these leads to an increase in supply? Options: an increase in the cost of raw materials, a decrease in the cost of raw materials, diminishing marginal returns, a change in the law of supply
Back
a decrease in the cost of raw materials
7.
FLASHCARD QUESTION
Front
A subsidy is
Back
a government payment to support a business or market
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