stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Duplicate of Demand & Supply Flashcards | StudBud
Explore
/
Duplicate of Demand & Supply
Duplicate of Demand & Supply
17 terms
·
StudBud Administration
·
313 plays
This is a review of demand and supply concepts we have discussed so far.
Flashcards
17 cards
F
Practice quiz
P
Host live
L
Questions
17
Answers
1
What is the only thing that can cause a change in QD for an item.
change in incomes of consumers
change in style
change in substitute good price
change in Price of the item
2
New technology will cause what long term change on the supply curve?
increase in S
decrease in QS
decrease in S
increase in QS
3
Which direction will the demand curve shift to show demand is increasing?
up
right
left
down
4
The Law of Demand says that as Price increases, QD will...
stay the same
decrease
increase
not exist
5
The most important concept to producers is...
utility
quality product
profit
low price
6
To indicated a decrease in QS on the graph, which of the following is true?
there will be a movement along the S curve
curve shift right
curve becomes horizontal
curve shifts left
7
Which of the following is considered a payment by govt to an individual or business?
subsidy
quota
tax
utility
8
The Law of Supply states that as Prices increase, QS will...
decrease
increase
explode
stay the same
9
On the graph displayed, what is being shown if we are moving from point A to point B?
an increase in QD
an increase in D
a decrease in D
a decrease in QD
10
The shape of all demand curves always slope this way from left to right.
vertical
up
down
horizontal
11
When a quota is placed on a product, the S curve will do what at the quota amount?
go horizontal
stop
go vertically in a downward direction
go vertically in an upward direction
12
A decrease in the price of butter will have which of the following effects on margarine.
decrease the QD
decrease D
increase the QD
increase D
13
An increase in the price of eggs will have what effect on cookies?
decrease S for cookies
increase QS for cookies
decrease QS for cookies
increase S for cookies
14
The shape of the supply curve is this from left to right.
vertical
downward sloping
upward sloping
horizontal
15
Govt regulations usually cause supply to decrease because they generally cause a rise in this.
cost of production
equilibrium
revenue
utility
16
Corporate taxes are seen as an additional this.
utility
input
quota
subsidy
17
Demand curves that are inelastic tell us what?
Can't predict how consumers will respond to price changes
consumers are moderately responsive to price changes
consumers are very responsive to price changes
consumers are not very responsive to price changes
