Economics
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Last updated over 1 year ago
4 questions
Required
1
A decrease in the price of a good will lead to an increase in quantity supplied.
A decrease in the price of a good will lead to an increase in quantity supplied.
Required
1
An increase in consumers' income will lead to a decrease in demand for inferior goods.
An increase in consumers' income will lead to a decrease in demand for inferior goods.
Required
1
The law of supply and demand states that price and quantity supplied are inversely related.
The law of supply and demand states that price and quantity supplied are inversely related.
Required
1
When supply exceeds demand, prices tend to fall until equilibrium is reached.
When supply exceeds demand, prices tend to fall until equilibrium is reached.