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Microeconomics
Supply and Demand
| Question | Answer |
|---|---|
| What is demand? | The willingness a buyer has to buy a product |
| What is supply? | The willingness a seller has to sell the product |
| What factor can affect the quantity demanded? | Price |
| If the price goes up, then what happens to demand? | Demand goes down |
| If the price goes down, then what happens to demand? | Demand goes up |
| If a person will lose a job in a week, he will... | Buy less goods |
| If runners learns that Houston will be colder next month, they will. | Buy more hoodies , long trousers, and coats |
| If the price of cereal increase, what happens to the milk? | It will decrease (complement) |
| What is complement? | Two related goods are either benefited or harmed by one good's price. |
| What is a substitute? | One good's demand will fall, as another's demand rises. |
| If a price of an orange juice rises, what happens to the demand of the apple juice? | It rises |
| What 5 variables can shift the demand curve? | Income, Number of buyers, Taste, Price of related goods (substitutes and complements, and Expectation. |
| If the price of pizza rises, what happens to the demand curve for pizza? | The movement will go up (Higher price = Lesser demand) |
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U0105006
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