WEEK 2 Flashcards
1
Q
An increase in the number of consumers would lead to
A
An increase in demand
2
Q
An increase in demand does what to a demand graph
A
Shifts it to the right
3
Q
When the current price is below the equilibrium price it means what
A
There is excess demand
4
Q
A change in price doesn’t effect what
A
Doesn’t shift the demand curve
5
Q
A decrease in price leads to what on a demand curve
A
Moves along the demand curve
6
Q
A perfectly inelastic curve leads to
A
No change in quantity when the supply curve shifts
7
Q
What does an increase in supplier costs do
A
Leads to a decrease in supply
8
Q
A decrease in supply does what to the supply graph
A
Shifts left
9
Q
A
