Demand
This economic principle states that as the price of a good decreases, the quantity demanded for that good generally increases, assuming all other factors remain constant.
What is the law of demand?
This principle states that as the price of a good increases, the quantity supplied of that good generally increases, assuming all other factors remain constant.
What is the law of supply?
What is the capital of Japan?
What is Tokyo?
Strawberries have come up in a new Tik Tok trend making them more popular, demand for strawberries would...
shift right
What is the only mammal capable of true flight?
bat
On a demand curve, this term describes the movement along the curve that occurs in response to a change in the price of the good itself.
What is a change in quantity demanded?
On a supply curve, this term describes the movement along the curve that occurs in response to a change in the price of the good itself.
What is a change in quantity supplied?
Which artist released the album 1989?
Who is Taylor Swift?
If income increased, which way would demand shift for ramen noodles (inferior good)?
demand would shift left
Who is the lead singer of Queen?
Freddy Mercury
In a market where the demand for luxury cars increases as consumer incomes rise, this term describes the specific type of good for which demand increases as income rises, reflecting a positive relationship with economic conditions.
What is a normal good?
If new regulations increase the cost of production, the result is typically a shift in the supply curve in this direction.
What is a leftward shift?
What was the Beatles’ first #1 hit in the US?
What is I Want to Hold Your Hand?
Beef,Hide, and Milk are all in joint supply. An increase in the selling price of beef will cause a(n) __________ in supply for milk.
increase ( supply shift right)
What NFL team has won the most Super Bowls?
What are the New England Patriots and Pittsburgh Steelers?
This term describes the situation where a change in factors other than the price of a good, such as consumer preferences or incomes, causes the entire demand curve to shift.
What is a shift in demand?
This term describes the situation when the total supply of a good in the market remains unchanged despite an increase in the price of that good, often because of limitations in production capacity.
What is a vertical supply curve?
What country invented soccer (football)?
England
Coke and Pepsi are substitute goods, if the price of Coke increases the demand for Pepsi would...
increase (shift right)
Who has won the most Grand Slam tennis titles?
Who is Novak Djokovic?
When the price of a product decreases and consumers purchase more of it, this effect is partially explained by the fact that consumers perceive the product as relatively more affordable compared to other goods. This concept is known as:
What is the income effect?
A farmer is producing corn and wheat. These goods are in competitive supply. If the selling price of corn increases what effect does this have on the supply of wheat?
decrease in supply of wheat.
In The Office, what’s the name of Michael Scott’s movie?
What is Threat Level Midnight?
Spirit Halloween expects prices to increase in the future, this would cause Spirit's present supply curve to...
shift left
What is the best-selling album of all time?
What is Thriller by Michael Jackson?