stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Supply and Demand Flashcards | StudBud
Explore
/
Supply and Demand
Supply and Demand
15 terms
·
StudBud Administration
·
246 plays
How does the market work? It's all in Supply and Demand
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
What rule speaks to your loss of purchasing power. No raise, higher rent, gas prices increase.
Real Income Law
Loss of Income Effect
Real Income Effect
Reality Check
2
A table showing the quantities bought at different prices.
Utility Schedule
Supply Schedule
Not sure but Mr. E looked great in the movie "300" fights
Demand Schedule
3
A supply curve has this relationship or looks like this on a graph.
Direct
Inverse
Reverse
Indirect
4
Which one is NOT a determinant of supply?
Number of Firms in the Industry
Price of Inputs
Technology
Substitution Effect
5
Starburst increases their price. Consumers buy more Skittles. This is what in effect?
Replacement Effect
Substitution Effect
Preference Effect
Swapping Effect
6
Headphones would be considered this with your computer.
Substitute Good
Complimentary Good
Complementary Good
Complementary Service
7
The point where supply meets demand is called this.
Don't know but Mr. E pulled Halle Berry (dropped mic)
Equivalent Price
Equilibrium Price
Equal Price
8
Three words that describe demand.
desire, want, willingness
desire, ability, willingness
need, ability, willingness
need, desire, ability
9
Changes in demand that are shifts are called this.
Detergents
Compliments
Elasticity
Determinants
10
There is a limit to hiring new employees and their effectiveness. This is the Law of...
Increasing Returns
Decreasing Utility
Diminishing Returns
Diminishing Utility
11
Halle bought different colors of the same DKY shirt. Each additional shirt had this effect.
Decreasing Marginal Utility
Diminishing Marginal Utility
Decreasing Marginal Use
Diminishing Marginal Use
12
Which one is not a determinant of
demand
?
Changes in Taxes
Complementary Goods
Substitutes
Changes in Population
13
A good that would be considered an inelastic good.
Candy
Cereal
Gas
Potato Chips
14
This is what is exchanged in the marketplace.
Goods and services
Mr. E's digits when he walks into a yoga class
Goods and resources
Services and resources
15
The difference between scarcity and a shortage is that a shortage is...
Finite Resource
Temporary
Long-term
Limited Resource
