When a shortage occurs...

The quantity supplied is less than the quantity demanded

New school policy mandates all students carry their books in a backpack. This requirement...

Increases the demand for backpacks

Chicken wings and hot sauce are _____. If the price of wings decreases ____.

Compliments; The demand for hot sauce increases

Emmaus Bakery doughnuts are named the best in the Lehigh Valley...

Demand for Weis doughnuts shifts to the left

An increase in the price of contacts...

Will increase the demand for glasses

Market equilibrium occurs when...

The quantity demanded equals the quantity supplied

A change in the quantity supplied of a good or service is represented in...

Movement along the supply curve

A change in demand is shown as...

A rightward or leftward shift of the demand curve

According to the law of supply, a decrease in the price of sneakers would lead to...

A decrease in the quantity of sneakers supplied

An early frost damages millions of orange trees in the Sunshine State...

Decreasing the supply of oranges

If the price of a widget falls, and the quantity demanded increases. Then it is...

Elastic and describing the law of demand

Which of the following could shift the demand for doughnuts to the left?

A decrease in the price of cookies

If the price of peanut butter doubled...

The demand for jelly would decrease

An increase in the price of basketballs would do what to their supply and/or quantity supplied?

Increase the quantity supplied, but not the overall supply

Any price above market equilibrium will...

Lead to a surplus of a good or service

Consumers regard Nike and Under Armor as ____. If the price of Nike shoes fell, ___.

Substitutes; demand for Under Armor decreases

A change in the demand for LV Phantoms tickets could result from any of these except...

A change in the price of Phantoms tickets

If Sam's Choice soda is an inferior good, then a decrease in income would result in...

An increase in demand for Sam's Choice soda

Which of the following goods would be most elastic in the scenarios below?

Turkey one month after Thanksgiving?

Which of the following would shift the demand curve for kielbasa rightward?

An increase in the price of sausage

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Chapter 4 CP Supply & Demand Review Game

30 termsStudBud Administration248 plays

Supply & Demand

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Questions 30

Answers

1
If the price of a widget increases, there will be a decrease in the QD because...
Both answer 2 and 3
People will likely buy other substitutes
A widget is now worth less so less is supplied
People are able and willing to purchase less of it
2
Since Jamal received his pay raise, he has been eating shrimp regularly. Shrimp is...
A complimentary good
An inferior good
A normal good
A really good good
3
When a shortage occurs...
The quantity supplied is less than the quantity demanded
The quantity demanded is equal to the quantity supplied
The quantity supplied is greater than the quantity demanded
Both demand and supply has shifted
4
New school policy mandates all students carry their books in a backpack. This requirement...
Increases the demand for backpacks
Increases the quantity supplied for backpacks
Increases the supply for backpacks
Increases the quantity demanded for backpacks
5
Chicken wings and hot sauce are _____. If the price of wings decreases ____.
Compliments; The quantity demanded for hot sauce decreases
Compliments; The demand for hot sauce increases
Substitutes; The quantity demanded for wings decreases
Substitutes; The demand for wings increases
6
Emmaus Bakery doughnuts are named the best in the Lehigh Valley...
None of the above
Demand for Weis doughnuts shifts to the right
Demand for Giant doughnuts shifts to the right
Demand for Weis doughnuts shifts to the left
7
An increase in the price of contacts...
Will decrease the quantity demanded for glasses
Will decrease the demand for glasses
Will increase the demand for glasses
Will increase the quantity demanded for glasses
8
Market equilibrium occurs when...
Demand and supply move in opposite directions
All markets become equal
Opposing forces pull demand and supply apart
The quantity demanded equals the quantity supplied
9
A change in the quantity supplied of a good or service is represented in...
Movement long the demand curve
A leftward shift of the demand curve
A rightward shift of the supply curve
Movement along the supply curve
10
A change in demand is shown as...
A rightward or leftward shift of the demand curve
A rightward shift of the demand curve
A leftward shift of the demand curve
Movement along the demand curve
11
Which of the following goods is traditionally least inelastic?
Chocolate milk
Silk pajama's
Candy
Car insurance
12
According to the law of supply, a decrease in the price of sneakers would lead to...
A decrease in the supply of sneakers
An increase in the supply of sneakers
An increase in the quantity of sneakers supplied
A decrease in the quantity of sneakers supplied
13
An early frost damages millions of orange trees in the Sunshine State...
Decreasing the number of consumers
Decreasing the supply of oranges
Decreasing the quantity supplied of oranges
Changing the tastes of consumers
14
If the price of a widget falls, and the quantity demanded increases. Then it is...
Describing the law of diminishing marginal returns
Elastic and describing the law of demand
Describing the law of diminishing marginal utility
Describing the law of supply
15
Which of the following could shift the demand for doughnuts to the left?
A decrease in the price of cookies
A decrease in the price of milk
An increase in the price of doughnuts
An increase in the price of cupcakes
16
If the price of peanut butter doubled...
The demand for jelly would decrease
The demand for jelly would increase
The quantity demanded for jelly would increase
The quantity demanded for jelly would decrease
17
A list of quantities demanded at different prices when all other things remain the same is a...
Demand Schedule
Supply Demand
Supply Curve
Supply Schedule
18
Which of the following best represents a quantity demanded for cereal?
3 boxes per week
12 boxes per month
3 boxes per week at $5 per box
$5 per box
19
Which of the following will decrease the quantity demanded of chips?
A fall in the price of pretzels
An increase in the number of buyers of chips
A rise in the price of chips
A rise in the price of salsa
20
An increase in the price of basketballs would do what to their supply and/or quantity supplied?
Decrease supply, but increase quantity supplied
Decrease the quantity supplied, but not the overall supply
Increase the quantity supplied, but not the overall supply
Increase supply, but decrease quantity supplied
21
Any price above market equilibrium will...
Lead to a shortage of a good or service
Lead to a surplus of a good or service
Never return to market equilibrium
Always return to market equilibrium
22
Consumers regard Nike and Under Armor as ____. If the price of Nike shoes fell, ___.
Compliments; demand for Under Armor increases
Substitutes; demand for Under Armor decreases
Substitutes; quantity demanded for Under Armor decreases
Compliments; quantity demanded for Under Armor decreases
23
Sam bought 3 oranges for a dollar last week and bought 5 oranges for a dollar this week.
Sam's quantity demanded increased
Sam's demand increased
Sam's quantity demand decreased
Sam's demand decreased
24
If the number of sellers increases, then the supply curve shifts ___ and the supply ___.
Right; increases
Left; decreases
Left; increases
Right; decreses
25
A change in the demand for LV Phantoms tickets could result from any of these except...
A change in the price of a substitute
A change in the number of consumers
A change in tastes
A change in the price of Phantoms tickets
26
Demand curves slope downward because...
As price increases, quantity demanded decreases
As price decreases, quantity demanded increases
All of the above
Most goods and services are elastic and sensitive to change
27
A change in any factor, other than a change in the price of that good or service leads to...
no effect unless other factors change as well
me being confused
a change in the quantity demanded
a change in demand
28
If Sam's Choice soda is an inferior good, then a decrease in income would result in...
An increase in the supply of Sam's Choice soda
A decrease in the supply of Sam's Choice soda
A decrease in demand for Sam's Choice soda
An increase in demand for Sam's Choice soda
29
Which of the following goods would be most elastic in the scenarios below?
None of these would be elastic
Turkey one month after Thanksgiving?
Insulin to a dibetic
Gas for someone who is a traveling salesman
30
Which of the following would shift the demand curve for kielbasa rightward?
A decrease in the price of sausage
An increase in the price of kielbasa
A decrease in the price of kielbasa
An increase in the price of sausage

Chapter 4 CP Supply & Demand Review Game Flashcards | StudBud