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Questions and Answers
What happens to the price of a good when there is an increase in demand?
What happens to the price of a good when there is an increase in demand?
- The price decreases
- The price is unpredictable
- The price remains the same
- The price increases (correct)
What happens to the quantity supplied when there is a decrease in price?
What happens to the quantity supplied when there is a decrease in price?
- The quantity supplied is unpredictable
- The quantity supplied increases (correct)
- The quantity supplied decreases
- The quantity supplied remains the same
Which of the following best describes the relationship between supply and demand?
Which of the following best describes the relationship between supply and demand?
- Supply and demand are inversely related
- Supply and demand have no impact on each other
- Supply and demand are directly related (correct)
- Supply and demand are independent of each other
What happens to the quantity demanded when there is an increase in price?
What happens to the quantity demanded when there is an increase in price?
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