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Supply and Demand Flashcards | StudBud

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What is the Law of supply?

If there is a shortage of blueberries, we can expect the price to:

Supply and Demand

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Answers

1
If there is a shortage of blueberries, we can expect the price to:
Stay the same
Increase
Decrease
2
What is the Law of supply?
Consumers can demand that businesses supply a certain amount of product
The higher the price the more supply, the lower the price the less supply
The lower the price the more supply, the higher the price the less supply
Businesses are forced by law to supply a certain amount of product
3
If the price of watermelons increases, we can expect demand to:
Decrease
Stay the same
Increase
4
What is the Law of Demand?
By law, consumers must buy a certain amount of a product
As price increases demand increases & as price decreases demand decreases
As price decreases demand increases & as price increases demand decreases
If a consumer demands a product for free, they must be given it
5
The way price impacts supply and demand is known as:
Resource allocation
Price mechanism
Externalities
Scarcity
6
On a supply and demand graph, the point where the two lines cross is called:
Loss
Profit
Price point
Price equilibrium
7
On a supply and demand graph, what goes on the vertical (y) axis?
Price
Demand
Supply
Quantity
8
On a supply and demand graph, what goes on the horizontal (x) axis?
Price
Quantity
Demand
Supply
9
If there is an oversupply of strawberries, we can expect the price to:
Increase
Decrease
Stay the same
10
As winter approaches, we can expect demand for umbrellas to:
Increase
Decrease
Stay the same