Supply and demand

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

• It goes up

• It goes down

• It stays the same

• No change

What does this curve represent?

• Supply

• Equilibrium

• Demand

• Surplus

Goods that are bought and used together are 

• complementary goods
• substitute goods
• income goods
• unrelated goods

The diagram represents a

• increase in demand
• decrease in demand
• change in quantity demand
• none of the above

Which of the following will cause an increase in the quantity demanded of snowboards?

• More costly production methods

• A decrease in the price of lift tickets at snowboarding resorts

• A decrease in consumer income

• A decrease in the population

The movement from Point A to Point B represents a(n)

• increase in the price

• decrease in the quantity supplied

• shift in the supply curve

Which of the following would not shift the supply curve for iphones?

• an increase in the price of iphones
• a decrease in the number of sellers of iphone
• an increase in the price of plastic, an input into the production of iphones
• an improvement in the technology used to produce iphones

A decrease in the price of a product will

• shift supply out

• shift supply in

• increase quantity supplied

• decrease quantity supplied

Auto Union Workers agree to wage cuts. In terms of supply, this represents a change in..

• resources/inputs

• subsides or taxes

• income

• number of producers

Auto Union Workers agree to wage cuts. Which diagram shows this?

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