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Economics Demand and Supply Flashcards | StudBud

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Economics Demand and Supply

10 terms·StudBud Administration·222 plays

Introduction to demand and Supply

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Questions 10

Answers

1
What factors affect demand for a good?
Income
Taste
all of the above
price of substitutes
2
Price competition leads to
Loss in profits
Price Wars
winning gold medals in the olympics
Decrease in market share
3
An increase in sales taxes causes
Decrease in Supply
decrease in quantity demanded
Decrease in Demand
Decrease in quantity supplied at each and every price
4
Cetris Paribus means ?
No change in conditions
All conditions are met
Only one factor changes
All other factors remain the same
5
Why does the consumer buy less when price increase?
the customer is always right
they make more profits when price falls
Consumers always look for a good deal
the good is less affordable
6
Why do suppliers supply more when the price is high?
They greedy capitalist
They can increase productivity
Their cost is high so they need a higher price
They make more profits
7
A shift in the supply curve to the right results in
An increase in supply at each an every price
An increase in quantity supply
Decrease in quantity supplied
An increase in quantity demanded at each an every price
8
An increase in price will result in an increase in ...?
Decrease in Profits
Increase in quantity supplied
Increase in demand for compliments
Increase in affordability
9
An example of an internal factor that affects supply is
Wages
Zoning regulations
Legal Factor
Climate change
10
An example of a Non Price competition is
Decrease in price of substitutes
Increase in price of compliments
Better service
Decrease in price