The demand and supply schedule shows:

The same information as a supply and demand graph

If the price of hot chocolate increases,

The demand for hot tea increases

If the price of sleds increases,

The demand for snow suits decreases

The Law of Demand says that :

As price goes up, quantity demanded goes down

During a power outage during a storm, the demand for candles

increases due to consumer preferences

An increase in the price of pizza will lead to an increase in which of the following?

the supply of calzones (substitute)

Demand is downward sloping due to :

the income and substitute effect

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Supply & Demand

24 termsStudBud Administration108 plays

Introductory review of supply and demand changes

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Questions 24

Answers

1
The demand and supply schedule shows:
Price that everyone would pay
The same information as a supply and demand graph
Profit of loss of a business
Demand prices and quantities, but not supply
2
If the price of hot chocolate increases,
The demand for marshmallows is unchanged
The demand for marshmallows increases
The demand for ice cream increases
The demand for hot tea increases
3
For many people, Spam is
an inferior good
a substitute
a complement
a normal good
4
An increase in wages will lead to a:
decrease in Supply
decrease in demand
increase in Supply
Increase in quantity demanded
5
If the price of sleds increases,
The snow sharks eat more kids
The demand for snow suits increases
Price does not change demand, so no change
The demand for snow suits decreases
6
Which of the following is a determinant of Demand
Taxes
Subsidies
Income
# of Suppliers
7
The magic point where supply and demand connects is
a price ceiling
Adam Smith land
a price floor
equilibrium
8
A decrease in the price of peanut butter would most likely increase the demand for
Ham
Electricity
Jelly
Coffee
9
One of the following is not a determinant of Supply:
# of consumers
# of sellers
technology
Price of other goods
10
During the recent lockdown, the demand for netflix
increased
expanded
decreased
contracted
11
A change in Price causes a change in
Supply
quantity supplied
Technology
Demand
12
One of these things is not like the others
Price of Complements
Preferences
Technology
# of Consumers
13
A change in Price causes a change in :
# of Consumers
Demand
Substitutes
Quantity Demanded
14
The Law of Demand says that :
As price goes up, the quantity supplied goes up
As price goes up, quantity demanded goes up
As Price goes up, quantity demanded remains the same
As price goes up, quantity demanded goes down
15
How many of Jersey Mike's Subs a person demands depends on:
How good the french fries are
The price of cokes
The price of the Subs
How long the line is.
16
During a power outage during a storm, the demand for candles
decreases due to consumer preferences
increases due to consumer preferences
increases due to income, normal goods
decrease, due to inferior goods
17
An increase in the price of pizza will lead to an increase in which of the following?
the supply of pizza
the demand for flour
the supply of coca cola
the supply of calzones (substitute)
18
A decrease in the price of butter would most likely decrease the demand for:
margarine
bagels
syrup
jelly
19
After a heavy snowfall, the demand for snow shovels
increases
decreases
The quantity supplied increased
The quantity demanded increased
20
Demand is downward sloping due to :
Inferior and normal goods
The substitute and complement effect
The number of consumers
the income and substitute effect
21
Which of the following would increase demand for a normal good? A decrease in:
Income
Price
Price of a Complement
Price of a Substitute
22
Marshmallows and hot chocolate are:
No relationship
Substitutes
Inferior Goods
Complements
23
Which of the following is not a determinant of Demand
Price of Substitutes
Technology
Taste
# of Consumers
24
The Law of Supply is
An inverse relationship
A direct relationship
based on consumers behavior
says that when price goes up, demand goes down

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