Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
|
Supply: If cost increases
|
supply decreases
|
|
|
Supply: New tech arrives
|
cost decreases, increases supply
|
|
|
Supply: Taxes...
|
increase cost, decrease supply
|
|
|
Supply: Subsidies
|
Decrease cost, increase supply
|
|
|
Supply: If number of sellers increases
|
Supply increases
|
|
|
Supply: If a high price is expected in the future...
|
supply decreases
|
|
|
Demand: With increasing income
|
demand for normal goods increases, inferior goods decreases
|
|
|
Demand: Substitutes
|
When Price of substitute increases, demand for product increases
|
|
|
Demand: Compliments
|
When Price of compliment increases, demand decreases for product
|
|
|
Demand: Expected Price
|
When expected price is expected to go up, demand increases
|
