ECO 100 WEEK 2 CHAPTER 3 QUIZ - STRAYER UNIVERSITY ECO 100 WEEK 2 CHAPTER 3 QUIZ 1 The quantity demanded of a product increases as the price of the

ECO 100 WEEK 2 CHAPTER 3 QUIZ - STRAYER UNIVERSITY ECO 100...

This preview shows page 1 out of 1 page.

STRAYER UNIVERSITY ECO 100 WEEK 2 CHAPTER 3 QUIZ 1. The quantity demanded of a product increases as the price of the product falls. 2. The Law of Demand can be explained as the higher the price, the smaller the quantity demanded, ceteris paribus . 3. A supply curve is defined as the relationship between the price of a good and the quantity that producers are willing to sell. 4. The Law of Supply states that there is a positive relationship between price and quantity supplied, ceteris paribus . 5. When consumers are willing to buy more than producers are willing to sell there is excess demand for the product in the market. 6. Suppose that the quantity demanded for cars exceeds the quantity supplied of cars. We
Image of page 1

You've reached the end of your free preview.

Want to read the whole page?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture