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What is 1 + 3?
In which of the following statements are the terms "demand" and "quantity demanded" used correctly?
When the price of ice cream rose, the quantity demanded of ice cream fell, and the demand for ice cream toppings fell.
Assume product A is an input in the production of product B. In turn product B is a complement to product C.
increase the supply of B and increase the demand for C.
Other things equal, if the price of a key resource used to produce product X falls, the:
product supply curve of X will shift to the right.
Refer to the above diagram. A price of $20 in this market will result in:
a shortage of 100 units.
Assume in a competitive market that price is initially below the equilibrium level. We can predict that price will:
decrease, quantity demanded will decrease, and quantity supplied will increase.