Podcast
Questions and Answers
Which economic principles does the law of supply and demand describe?
Which economic principles does the law of supply and demand describe?
- The law of competition and the law of monopoly
- The law of scarcity and the law of opportunity cost
- The law of diminishing returns and the law of substitution
- The law of supply and the law of demand (correct)
What happens to supply and demand when the price of a product increases?
What happens to supply and demand when the price of a product increases?
- Supply falls and demand falls
- Supply falls and demand rises
- Supply rises and demand rises
- Supply rises and demand falls (correct)
What happens to supply and demand when the price of a product decreases?
What happens to supply and demand when the price of a product decreases?
- Supply rises and demand rises
- Supply falls and demand rises (correct)
- Supply rises and demand falls
- Supply falls and demand falls
What does the intersection of the supply and demand curves represent?
What does the intersection of the supply and demand curves represent?
What does the law of supply and demand represent in the marketplace?
What does the law of supply and demand represent in the marketplace?
Flashcards
What principles are described by supply and demand?
What principles are described by supply and demand?
The law of supply and the law of demand.
What happens when price increases?
What happens when price increases?
Supply rises and demand falls.
What happens when price decreases?
What happens when price decreases?
Supply falls and demand rises.
What does the intersection of supply and demand curves represent?
What does the intersection of supply and demand curves represent?
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What does the law of supply and demand represent in the marketplace?
What does the law of supply and demand represent in the marketplace?
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