Supply and Demand 2023-24

Question 1

There are more people willing and able to produce the product than are willing and able to purchase the product.

Accepted Answer

SURPLUS

Question 2

The market is out of equilibrium and quantity supplied is greater than quantity demanded.

Accepted Answer

SURPLUS

Question 3

Supply of vinyl records increases as government subsidies promote growth in the industry.

Accepted Answer

There&#x27;s a change in government policies that affect the seller.

Question 4

The point where quantity supplied equals quantity demanded.

Accepted Answer

EQUILIBRIUM

Question 5

Severe weather and flooding means Delaware River mud used to "dirty" baseballs used in the major leagues is very scarce.

Accepted Answer

Supply of baseballs decreases; change in the cost of factors of production.

Question 6

There are more buyers than sellers in the market.

Accepted Answer

SHORTAGE

Question 7

The World Baseball Classic generates huge interest in baseball around the globe.

Accepted Answer

Demand for baseball gloves increases; change in consumer tastes and prefs.

Question 8

What will be the effect of a prices set above the equilibrium price?

Accepted Answer

SURPLUS

Question 9

Due to theft and accidents, pay-as-you-go motorized scooters become incredibly expensive as companies try to cover costs

Accepted Answer

Demand for bikes increases; change in the price of a substitute good.

Question 10

Huge interest in baseball around the globe leads leagues and stadium owners to schedule more and more games.

Accepted Answer

Supply of baseball increases; change in profit opportunites.

Question 11

A change in the cost of factors of production.

Accepted Answer

CHANGE IN SUPPLY

Question 12

The quantity of a good or service that people are willing and able to produce at a given price.

Accepted Answer

SUPPLY

Question 13

How did Microsoft, Sony, and other manufacturers respond when iPods became consumers&#x27; favorite way to listen to music?

Accepted Answer

Increase Supply

Question 14

A change in consumer tastes and preferences.

Accepted Answer

CHANGE IN DEMAND

Question 15

There are more people willing and able to purchase the product than are willing and able to produce the product.

Accepted Answer

SHORTAGE

Question 16

Severe weather and flooding means Delaware River mud used to "dirty" baseballs used in the major leagues is very scarce.

Accepted Answer

Demand for bats decreases; change in the price of a complementary good.

Question 17

A change in the price of a complementary good.

Accepted Answer

CHANGE IN DEMAND

Question 18

The cost of aluminum, a key raw material in bikes increases dramatically.

Accepted Answer

Supply of bikes decreases; change in the cost of factors of production.

Question 19

Price increases and QD decreases; price decreases and QD increases.

Accepted Answer

LAW OF DEMAND

Question 20

The price of bicycles drops significantly, and people buy more bicycles.

Accepted Answer

CHANGE IN QD

Question 21

Every buyer who wants to buy can find a seller, and every seller who wants to sell can find a buyer. No one is left out.

Accepted Answer

EQUILIBRIUM

Question 22

Demand for vinyl records increases as more efficient production of record players increases their supply by a lot.

Accepted Answer

There&#x27;s a change in the price of a complementary good.

Question 23

Hay used to feed cattle is more expensive. What happens in the market for beef?

Accepted Answer

CHANGE IN SUPPLY

Question 24

Many health experts argue that riding a bike 10 miles a day has huge health benefits for longer life.

Accepted Answer

Demand for bikes increases; change in consumer tastes and preferences.

Question 25

A change in consumer incomes.

Accepted Answer

CHANGE IN DEMAND

Question 26

Goods that can replace each other; consumers are equally happy with either one.

Accepted Answer

SUBSTITUTE GOOD

Question 27

Goods that people like to have at the same time; they go together.

Accepted Answer

COMPLEMENTARY GOOD

Question 28

The quantity of a good or service people are willing and able to purchase at a given price.

Accepted Answer

DEMAND

Question 29

Supply of vinyl records decreases as severe limits are placed on foreign imports that make up a large part of the market

Accepted Answer

There&#x27;s a change in government policies that affect the seller.

Question 30

Sellers see profit opportunities using their resources to produce other products.

Accepted Answer

CHANGE IN SUPPLY

Question 31

The supply of vinyl (plastic) records decreases. Shortages of petrolium-based plastics drive up prices dramatically.

Accepted Answer

There&#x27;s a change in cost of factors of production.

Question 32

There are more sellers than buyers in the market.

Accepted Answer

SURPLUS

Question 33

Pay-as-you-go motorized scooters become incredibly popular, because of their convenience and ease of use.

Accepted Answer

Demand for bikes decreases; change in consumer tastes and preferences.

Question 34

The supply of vinyl (plastic) records increases. New, more efficient machines produce more records at lower cost.

Accepted Answer

There&#x27;s a change in technology producing records.

Question 35

What would cause the equilibrium price to increase and equilibrium quantity to increase?

Accepted Answer

INCREASE IN DEMAND

Question 36

A change in government policies that affect the seller, like a tax.

Accepted Answer

CHANGE IN SUPPLY

Question 37

Demand for digital music decreases. Consumers would rather listen to old-school records on vinyl.

Accepted Answer

There&#x27;s a change in consumer tastes and preferences.

Question 38

Price increases and QS increases; price decreases and QS .

Accepted Answer

LAW OF SUPPLY

Question 39

Many immigrants from Puerto Rico, Venezuela, and Dominican Republic, where baseball is popular, enter the U.S.

Accepted Answer

Demand for baseball games increases; change in the number of consumers.

Question 40

What would cause the equilibrium price to increase and equilibrium quantity to decrease?

Accepted Answer

DECREASE IN SUPPLY

Supply and Demand 2023-24

Questions 40

Supply and Demand 2023-24

Questions 40