In the following situations, identify whether there is an increase or decrease in
price, demand or supply.
1. If the price increases, the demand will______
2. If the price increases, the supply will______
3. The increase in the number of substitutes/alternative products will result in______
in demand and (4.)______
in price.
5. The use of technology in production will cause______
in supply and_______
(6.)________
in price,
7. Surplus may cause price to______
8. Shortage may cause price to_______
9. Increase in income may______-
demand.
10. Increase in the cost of production (cost of raw materials and labor) may
result in________
in supply
11. The price of coffee is expected to increase next week, the demand for coffee
this week is expected to_______
12. The demand for umbrellas_______
during rainy season.
13. The price of product A increases so the demand for its complementary
product will_____
14.Because of the presence of internet, DVDs now are out of the trend so the
demand for it_______
15. The demand for vitamin C increases so the price_______​