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Chapter 7 - Supply and Demand Review Flashcards | StudBud
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Chapter 7 - Supply and Demand Review
Chapter 7 - Supply and Demand Review
38 terms
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StudBud Administration
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This quiz will review important terms and information regarding #supply and #demand.
Flashcards
38 cards
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Practice quiz
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Questions
38
Answers
1
Upward sloping line that graphically shows that quantities supplied at each possible price.
market supply
supply curve
demand curve
law of supply
2
What curve is demonstrated in the photo?
supply curve
demand curve
3
Any free exchange of goods and services between buyer and sellers
law of supply
market
voluntary exchange
marginal utility
4
The photo demonstrates a...
surplus
shortage
5
This picture is an example of...
substitutes
complementary goods
elastic demand
inelastic demand
6
Amount of a good or service that a consumer is willing & able to purchase at a specific price.
market demand
law of demand
quantity demanded
demand curve
7
Demand that is calculated for the entire U.S. economy not just a smaller market or one business
market supply
supply schedule
quantity demanded
market demand
8
The photo demonstrates a...
increase in supply
increase in demand
decrease in supply
decrease in demand
9
Payments the government gives to encourage behaviors or to help industries.
substitution effect
payouts
subsidies
tax breaks
10
This photo is an example of...
tastes and preferences
inputs
complements
substitutes
11
Table showing quantities supplied at different prices
supply schedule
law of supply
market supply
demand schedule
12
Amount of a good or service that a producer is willing and able to supply at a specific price
market supply
quantity supplied
quantity demanded
market demand
13
Review the supply/demand schedule. At what price is equilibrium price?
$30
$10
$5
$20
14
An increase in the price (or cost) of inputs will do what to the cost of a product?
increase
have no effect
decrease
15
A table reflecting quantities demanded at different possible prices
market demand
demand curve
demand graph
demand schedule
16
This photo demonstrates...
inputs
substitues
complements
technology.....
17
Price which the amount producers willing to supply is equal to amount consumers willing to buy
law of diminishing marginal utility
market
voluntary exchange
equilibrium price
18
The photo demonstrates a...
surplus
shortage
19
As more FOP are added to other FOP, the extra output for each unit will begin to decrease
law of diminishing returns
supply curve
marginal utility
law of supply
20
An increase in the number of firms (or businesses) results in a...
increase in supply
increase in demand
decrease in demand
decrease in supply
21
Using science to develop new products & methods for producing & distributing goods & services
inputs
shortage
technology
number of firms
22
Rule: Individuals can't keep buying same quantity of product if price rises while income stays
voluntary exchange
real income effect
subsidies
law of diminishing marginal utility
23
What is being demonstrated in the photo?
elastic demand
inelastic demand
24
Situation in which the quantity demanded is greater than the quantity supplied
law of supply
surplus
shortage
law of demand
25
The total supply of a good or service for an economics entity like the United States.
market supply
supply curve
supply schedule
law of supply
26
The measure of how much consumers respond to a given change in price
quantity demanded
demand curve
demand
price elasticity of demand
27
An additional amount of satisfaction
law of diminishing returns
substitution effect
marginal utility
price elasticity of demand
28
Staple foods are an example of...
elastic demand
inelastic demand
demand curves
supply curve
29
What is demonstrated in the photo?
inelastic demand
elastic demand
30
Shows the quantity demanded of a good or service at each possible price.
demand schedule
law of demand
demand curve
market demand
31
Rule: If 2 items satisfy the same need and the price of 1 rises, people buy more of the other.
substitution effect
quantity demanded
real in come effect
complimentary effect
32
Rule stating that the quantity demanded and the price move in opposite directions
law of supply
demand supply
law of demand
demand curve
33
The photo demonstrates a...
increase in demand
decrease in demand
increase in supply
decrease in supply
34
Amount of good or service consumers willing to buy at various prices during time period
demand
supply schedule
supply
demand schedule
35
Rule: Additional satisfaction a consumer gets from product lessons with each unit purchased.
law of diminishing marginal utility
market supply
price elasticity of demand
law of diminishing returns
36
Situation in which the quantity supplied is greater than the quantity demanded.
shortage
quantity supplied
surplus
quantity demanded
37
Economic rule stating that price and quantity supplied move in the same direction
demand curve
supply curve
law of demand
law of supply
38
What curve is demonstrated in this picture?
demand curve
supply curve
