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Supply & Demand Flashcards | StudBud

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Supply & Demand

11 terms·StudBud Administration·42 plays

Introductory review of supply and demand changes. Adapted from @bevbauman

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Questions 11

Answers

1
Marshmallows and hot chocolate are...
Complements
No relationship
Substitutes
Inferior Goods
2
The Law of Supply is...
Says that when price goes up, demand goes down
An inverse relationship
Based on consumers behavior
A direct relationship
3
The Law of Demand says that...
As Price goes up, quantity demanded remains the same
As price goes up, quantity demanded goes down
As price goes up, quantity demanded goes up
As price goes up, the quantity supplied goes up
4
One of the following is not a determinant of supply
Number of Consumers
Price of other goods
Number of Sellers
Technology
5
If the price of hot chocolate increases,
The demand for marshmallows is unchanged
The demand for hot tea increases
The demand for ice cream increases
The demand for marshmallows increases
6
A change in price causes a change in...
Quantity Supplied
Technology
Supply
Demand
7
One of the following is not a determinant of demand
Number of Consumers
Price of Substitutes
Technology
Taste
8
Demand is downward sloping due to...
The substitute and complement effect
The number of consumers
Inferior and normal goods
The income and substitute effect
9
A change in price causes a change in...
Number of Consumers
Quantity Demanded
Demand
Substitutes
10
All else being equal, an increase of wages will lead to a...
Increase quantity demanded
Decrease in demand
Increase in supply
Decrease in supply
11
One of the following is a determinant of demand
Income
Number of Suppliers
Subsidies
Taxes