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Supply and Demand(Elijahcox100)
Supply and Demand(Elijahcox100)
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This is to test your skills on Supply and Demand!
Flashcards
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Questions
32
Answers
1
List a conditions for perfect competition.
unlimited competition
large number of small firms
identical products
no barrier to entry
2
What factor has the greatest influence on the elasticity and inelasticity of supply?
money
energy
time
data
3
What does the Law of Demand state?
the quantity of a good or service demanded varies inversely
nothing
aliens are coming
all people have the same rights
4
What determines how a change in prices will affect total revenue for a company?
President Trump
the elasticity of demand
nothing
the government
5
What is a subsidy?
a glowing matter
consumer incomes
a payment that the government gives a business to help it
money that we control
6
What is supply based on?
democracy
Producers offering products for sale
freedom
justice
7
What type of monopoly is based on the absence of other sellers in a certain location?
Geographic monopoly
Monopoly
Technology monopoly
Monopolistic competition
8
A market structure in which many companies sell similar but not identical products is called...
Pure Competition
Monopoly
Oligopoly
Monopolistic Competition
9
What type of monopoly is based on the ownership of a manufacturing method?
Geographic monopoly
Monopolistic competition
Technology monopoly
Monopoly
10
What are determinant of demand elasticity?
are we done yet?
does the purchase use a large portion of income?
can the purchase be delayed?
are adequate substitutes available?
11
Define microeconomics
nano types
area of economics that deal with individuals and firms
food
money to the bank
12
What information is found on a demand curve?
goods and services
supply and demand
money and jobs
price and quantity
13
What is supply elasticity?
a measure of the way in which quantity supplied responds
government power
generation money supply
elections
14
How is a demand schedule similar to a demand curves?
they show the same information
they go to the moon
they show different data
their not
15
Define demand elasticity.
nothing
social awareness
the downgrade of people
the extent to which a change in price causes a change
16
Define price ceiling and price floor.
ceiling: lowest legal price; floor: maximum legal price
get a job!!!
ceiling: maximum legal price; floor: lowest legal price
they both help with finances
17
What is the difference between a change in quantity demanded and a change in demand?
their the same
i don't know
the demand part
a change in the quantity of the product purchase in response
18
List reasons for a change in supply.
expectations, government regulations, number of sellers
toys, games, foods,
population, cultural, religion
cost of input, productivity, technology, taxes and subsidies
19
What is the difference Between a shortage and a surplus?
change in demand
their the same
surplus: supply > demand; Surplus: demand < supply
supply of demand
20
When there is a shortage what happens to price? A surplus?
right; left
down; up
up; down
left; right
21
Define collusion, nonprice competition, & product differentiation.
collusion: legal; nonprice: advertising; product: competing
their all factory industries
they all have different sub data
they're all laws
22
What is diminishing marginal utility?
n/a
decrease in satisfaction from adding one more unit
increase in satisfaction from adding one more unit
stuff that disappears
23
List a type of market structure.
Monopolistic Competition
Oligopoly
Monopoly
Pure competition
24
What does the law of Supply state
free the children
get a job
nothing
offer more for sale at high prices and less at lower prices
25
How are total expenditures determined
graph
diagram
multiplying the price of a product by the quantity demanded
price x quantity
26
What is marginal utility?
computer accessories
the extra usefulness or additional satisfaction a person get
money
hard labor
27
How are prices established in a market economy?
President Trump
social disorder
bill of rights
The interaction of supply and demand
28
List the reasons for a change in demand.
expectations, & numbers of consumers.
consumer income, consumer tastes, substitute, & complements
volcanoes
supernovas
29
What are the three factors that make up demand?
desire, ability, & willingness
care, respect, & honor
none
intelligent, smart, & brave.
30
Define equilibrium price.
promote governments
opens banks
causes businesses to go out
''clears the market''
31
Which way does a demand slope? A supply curve?
both download
nowhere
downward; upward
both upward
32
If a change in price move in different ways, what would demand be? If they went the same?
down; up
up; down
inelastic; elastic
left; up
