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Economics

Last updated almost 2 years ago

4 questions

Required

1

Required

1

Required

1

Required

1

Question 1

1.

A decrease in the price of a good will lead to an increase in quantity supplied.

True

False

Question 2

2.

An increase in consumers' income will lead to a decrease in demand for inferior goods.

True

False

Question 3

3.

The law of supply and demand states that price and quantity supplied are inversely related.

True

False

Question 4

4.

When supply exceeds demand, prices tend to fall until equilibrium is reached.

True

False