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Supply & Demand review Flashcards | StudBud

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Supply & Demand review

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Review quiz for supply and demand

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Questions 5

Answers

1
If an increase in income leads to a decrease in quantity demanded, the good is
inferior
normal
a complement
a substitute
2
Which of the following will increase demand for coffee
lower incomes for people
lower price for coffee
lower coffee bean prices
higher price of tea
3
A decrease in the price of butter would likely decrease demand for
bread
bagels
milk
cream cheese
4
If producers expect the price of a good to fall in the future?
demand rises now
demand falls now
supply rises now
supply falls now
5
An increase in number of buyers & a tech advance will cause
demand down supply up
demand up supply down
demand down supply down
demand up supply up