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Economics

Supply and Demand Quiz

QuestionAnswer
Burger King and McDonald's is considered substitute goods
As price increases, people will buy more of a different but similar good Substitution effect
Jacket and gloves, shaving cream and razor,and car and gasoline are considered complimentary goods
The law that says that when price increases, the amount purchased decreases the Law of Demand
The law that says that when price increases, the amount supplied increases the Law of Supply
Consumers determine what is made, businesses operate in order to make a profit, price is determined by scarcity typical market
The level of satisfaction a person receives from buying more and more units of a product in a row is called diminishing marginal utility
The study of small firms or individuals Microeconomics
A shift in demand can be caused by a change in consumer tastes
What causes a shift in demand or supply? anything other than price
The higher prices make a supplier produce more profit motive
A line which shows the amount produced at each price supply curve
A line which shows the amount wanted at each price demand curve
When supplies increase even though prices are the same shift in supply
A list which shows the quantity made at all prices supply schedule
Created by: jmergenhagen
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