stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Supply & Demand Flashcards | StudBud
Explore
/
Supply & Demand
Supply & Demand
18 terms
·
StudBud Administration
·
439 plays
Review for Supply and Demand Test
Flashcards
18 cards
F
Practice quiz
P
Host live
L
Questions
18
Answers
1
If you raise the price of the product and your total revenue goes down then the demand is
inelastic
unit elastic
equilibrium
elastic
2
If the price of Pepsi increases, what will happen to the demand for coke?
it will decrease
who knows coke tastes horrible anyway
it will stay the same
it will increase
3
The following products would be considered Compliments
french fries and tots
hot dogs and hot dog buns
pepsi and coke
hamburgers and chicken sandwiches
4
If the quantity demanded is 200 and the quantity supplied is 50 how much is the shortage?
250
50
200
150
5
Look at the Graph. If this is the Market for Green Beans what might cause this to happen.
A drought destroys much of the green bean crop
Beyonce does a commercial for green giant
People find out green beans cause cancer
New Technology helps grow more green beans
6
A price that is HIGHER than equilibrium will cause a __________ in the market.
demand to be greater than supply
shortage
surplus
equilibrium
7
the highest price you are LEGALLY able to pay is called
price floor
shortage
price ceiling
equlibrium
8
If Green Bean Manufactures kept their price at the OLD equilibrium this would cause ___________
a new shift in supply
a surplus
another drought
a shortage
9
Which of the following would increase the price of Dog Food
an increase in the supply of dog food
an increase in the demand for dog food
many dogs die of a terrible disease.
a decrease in the demand for dog food
10
One example of a price floor is
minimum wage
cap and trade
rent control
shortages
11
If a good is a need then the demand is
unit elastic
elastic
inelastic
at equilibrium
12
What is it called in a market when buyers buy exactly the same amount as sellers want to sell.
shortage
surplus
equilibrium
disequilibrium
13
This change in the market causes Equilibrium Prices to _________ and Quantities to _________
decrease, decrease
increase, increase
decrease, increase
increase, decrease
14
When their is a Shortage in a market the Price will
Stay the Same
Increase
Decrease
it depends
15
If there is a surplus, Quantity Demanded is ____________ than quantity supplied
higher
it depends
the same
lower
16
Any arrangement that brings buyers and sellers together is called:
Goods and Services
The hallway
Thanksgiving
A Market
17
If your income increases what will happen to your demand for an inferior good (like spam)?
spam is delicious
it will increase
it will decrease
nothing
18
If demand shifts to the left prices will __________ and quantities will _____________
go up, go down
go up, go up
go down, go up
go down, go down
