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Economic supply and demand Flashcards | StudBud
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Economic supply and demand
Economic supply and demand
20 terms
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StudBud Administration
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Practice with identifying when supply and demand move and what moves it.
Flashcards
20 cards
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Questions
20
Answers
1
The government sometimes “fixes” prices to achieve a socially desirable goal.
False
True
2
If demand decreases which way does the demand curve move?
Down
Right
Up
Left
3
What condition differentiates a market of pure competition from one of monopolistic competition
products
firms
competition
price
4
What would happen if there is more supply than demand?
Surplus
Businesses buy more
People want more
Shortage
5
states that the more you have something that the satisfaction tends to decline.
Law of Demand
Law of Diminishing Utility
Law of Diminishing Returns
Law of Supply
6
Labor in a factory is an example of which of these?
a marginal product
a diminishing return
a variable factor of production
a fixed factor of production
7
States that the quantity demanded and price move in opposite directions.
Law of Demand
Market
Law of Diminishing Returns
Law of Supply
8
If a shoe company pays a professional athlete to wear shoes it makes, it is an example of _____
nonprice competition
imperfect competition
product differentiation
all of the above
9
Who among the following benefits the
most
from rent control?
tenants in rent-controlled apartments
owners of rent-controlled apartments
people with children and pets
people who perform maintenance and repairs on buildings
10
If the amount of income increases which way does the supply curve shift?
The demand curve moves Right
It moves Right
It moves Left
The Demand Curve moves left
11
Which market structure is defined by a single producer?
pure competition
monopolistic competition
monopoly
oligopoly
12
Which curve does expectations impact?
Neither
Both
Demand
Supply
13
What happens to demand of a product when the popularity increases?
Stays the same
Decreases
Increases
there is no demand for popular goods
14
What are the two types of related goods?
Substitute and Teacher
Complementary and Inverse
Complementary and Substitute
Left and Right
15
If the population of an economy increases, what increases?
Demand
Supply
Output
Stability
16
When a factory pollutes a river, the resulting water pollution is an example of a ______.
negative externality
technological monopoly
neutral spillover effect
public good
17
The pleasure, usefulness or satisfaction of a good.
Markets working
Convenience
Utility
Consumerism
18
Law that states that making 2 units is more expensive than making 1 unit.
Law of Demand
Law of Increasing Marginal Costs
Law of Diminishing Marginal Returns
Law of Supply
19
What happens when the quantity demanded out weighs the quantity supplied?
Can't Happen
Extra
Surplus
Shortage
20
What does a high price signal buyers and sellers to do?
Buyers buy more, and sellers produce more.
Buyers buy less, and sellers produce less.
Buyers buy less, and sellers produce more.
Buyers buy more, and sellers produce less.
