Supply And Demand Question Preview (ID: 40268)
Unit 2 On Supply Demand.
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If the price of a good increases, demand will
a) increase
b) decrease
c) stay the same
d)
If the price of a good decreases, demand will
a) increase
b) decrease
c) stay the same
d)
If the price of a good increases, supply will
a) increase
b) decrease
c) stay the same
d)
If the price of a good decreases, supply will
a) incresase
b) decreases
c) stay the same
d)
Which market situation occurs if the price of a good falls below equilibrium price?
a) surplus
b) shortage
c)
d)
Which market situation occurs if the price of a good rises above the equilibrium price?
a) surplus
b) shortage
c)
d)
If the price of a good increases, the demand for substitutes of that good will
a) increase
b) decrease
c) stay the same
d)
Which type of goods do consumer purchase to use with other products?
a) complimentary goods
b) substitutes goods
c) fads
d) utility
If a person's income were to increase, their demand for goods will
a) increases
b) decrease
c) stay the same
d)
Which would be a non-price factor that affects the supply of goods?
a) taste
b) fads
c) production cost
d) income
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