Econ 201 - Supply and Demand Quiz

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8 Terms

1
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What happens to the demand curve if price/availability of a substitute good increases?

Demand increases

2
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What happens to the demand curve if price/availability of a substitute good decreases?

Demand decreases

3
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What happens to the demand curve if price/availability of a complementary good decreases?

Demand increases

4
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What happens to the demand curve if price/availability of a complementary good increases?

Demand decreases

5
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If the demand increases and the supply increases what happens to the quantity and price?

Quantity goes up; Price is unknown

6
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If the demand increases and the supply decreases what happens to the quantity and price?

Quantity goes down; Price goes up

7
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If the demand decreases and the supply increases what happens to the quantity and price?

Quantity is unknown; Price goes down

8
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If the demand decreases and the supply decreases what happens to the quantity and price?

Quantity goes down; Price is unknown