The law of supply states

price decreases supply decreases

A movement along the supply curve is caused by

a change in price of the product

A shift of the supply to the right could be caused by

the price of a related good decreases

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Supply and The Market

15 termsStudBud Administration40 plays

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Questions 15

Answers

1
A surplus is where there is
excess producers
excess consumers
excess demand
excess supply
2
A shift of the supply curve to the left could be caused by
productivity increases
costs of production increase
new technology increases
GST decreases
3
The slope of the Supply curve is
horizontal
positive
vertical
negative
4
The law of supply states
price of substitute increases supply decreases
price decreases supply decreases
price of substitute decreases supply increases
price decreases, quantity supplied increases
5
What is the impact on the equilibrium price and quantity of apples if there is an poor season?
decrease, increase
increase, decrease
increase, increase
decrease, decrease
6
A movement along the supply curve is caused by
a change in price of the product
a change in quantity of the product
a change in price of a substitute
a change in price of a related good
7
A shift of the supply to the right could be caused by
sales tax decreases
productivity decreases
costs of production increase
the price of a related good decreases
8
The place where the demand and supply curves intersect is called the
pandemonium
opprobrium
symphonium
equilibrium
9
A shortage is where there is
excess supply
excess demand
excess producers
excess consumers
10
If the supply curve shifts to the left supply will
fall to zero
increase
stay the same
decrease
11
An increase in supply will occur if there is a change in the
ruminants
determinants
alternatives
inhabitants
12
When the conditions of demand and supply change equilibrium price and quantity
fall to zero
stay the same
change
become negative
13
If the supply curve shifts to the right supply will
stay the same
decrease
increase
fall to zero
14
Equilibrium is where
there is excess demand
there is excess supply
there is no demand or supply
the market clears
15
If the price of a product falls firms will
supply more
supply something else
stop supply
supply less

Supply and The Market Flashcards | StudBud

Supply and The Market

15 termsStudBud Administration40 plays

Imported from external platform

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
A surplus is where there is
excess producers
excess consumers
excess demand
excess supply
2
A shift of the supply curve to the left could be caused by
productivity increases
costs of production increase
new technology increases
GST decreases
3
The slope of the Supply curve is
horizontal
positive
vertical
negative
4
The law of supply states
price of substitute increases supply decreases
price decreases supply decreases
price of substitute decreases supply increases
price decreases, quantity supplied increases
5
What is the impact on the equilibrium price and quantity of apples if there is an poor season?
decrease, increase
increase, decrease
increase, increase
decrease, decrease
6
A movement along the supply curve is caused by
a change in price of the product
a change in quantity of the product
a change in price of a substitute
a change in price of a related good
7
A shift of the supply to the right could be caused by
sales tax decreases
productivity decreases
costs of production increase
the price of a related good decreases
8
The place where the demand and supply curves intersect is called the
pandemonium
opprobrium
symphonium
equilibrium
9
A shortage is where there is
excess supply
excess demand
excess producers
excess consumers
10
If the supply curve shifts to the left supply will
fall to zero
increase
stay the same
decrease
11
An increase in supply will occur if there is a change in the
ruminants
determinants
alternatives
inhabitants
12
When the conditions of demand and supply change equilibrium price and quantity
fall to zero
stay the same
change
become negative
13
If the supply curve shifts to the right supply will
stay the same
decrease
increase
fall to zero
14
Equilibrium is where
there is excess demand
there is excess supply
there is no demand or supply
the market clears
15
If the price of a product falls firms will
supply more
supply something else
stop supply
supply less