Term
| According to the Law of Demand, When the price of an item increases, the demanded most likely will? |
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Definition
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Term
| According to the law of supply, when will the price of an item increases, the quanity supplied most likely will? |
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Term
| If the price of a good were to increase to something above the equilbrium price( due to some price control) what will be created? |
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Definition
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Term
| If something were to shift the supply curve of a product to the left(decrease supply) what would happen to the new equilibrium price and the new equilibrium quantity? |
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Definition
| Price would increase and quanity would decrease |
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Term
| What is a good example of substitiute goods? |
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Term
| What is a good example of complimentary goods ? |
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Definition
| Fertilizer and Grass Seed |
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