iPads & Apple pencil are complementary goods. A decrease in price of iPads on the market for Apple pencils would?

Shift the demand cure to the right and cause an expansion in supply.

Which of the following is not a function of a market

A place where sellers make products.

the ‘pointof balance’ between demand and supply in themarket

The impact of the new equilibrium price is?

Lower prices, a contraction in S and expansion in D

The Japanese Govt has granted Toyota a $1Bn subsidy for electric car production

Supply Curve will shift to the right

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Demand, supply & equilibrium

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Market equilibrium #market #supply #demand #equilibrium

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Questions 13

Answers

1
Price ⇑ and Quantity Demanded ⇓ - This can be described as...
The Law of Demand
The Law of Supply
Decrease in supply
Increase in demand
2
iPads & Apple pencil are complementary goods. A decrease in price of iPads on the market for Apple pencils would?
Shift the demand cure to the right and cause an expansion in supply.
Shift the demand curve to the left and cause a contraction in supply
Shift the demand curve to the right and cause and contraction in supply
shift the supply curve to the right and cause an expansion in demand
3
What can you see in this advert that could affect the demand for Kellogs Coco Pops?
Population Size
Price of Compliments
Fashion
Price of Substitutes
4
Which of the following is not a function of a market
A place where buyers and sellers meet to exchange.
Allocating resources
A place where sellers make products.
Setting the price
5
Equilibrium is
the ‘pointof balance’ between demand and supply in themarket
The ‘pointof inbalance’ between D & S
Occurs rarely
Impossible to achieve
6
A factor that might have caused a change in demand is?
Lower prices of substitutes
Higher disposable income
Population growth
Number of buyers increase
7
The impact of the new equilibrium price is?
Higher prices, a contraction in S and expansion in D
Lower prices, a contraction in S and expansion in D
Higher prices, an expansion in D and contraction in S
Lower prices, an expansion in S and contraction in D
8
Subsidies have the opposite effect of a tax
False
True
Not sure
Sometimes
9
The Japanese Govt has granted Toyota a $1Bn subsidy for electric car production
Supply curve will shift to the left
Supply Curve will shift to the right
People will demand electric cars
The price of electric cars will decrease
10
A higher equilibrium price will influence suppliers to?
Reduce the price of inputs
Expand quantity supplied
Advertise more
Contract quantity supplied
11
What would cause the shift in this demand curve from D → D1?
Huge advertising campaign
Fall in income
Population increase
Increase in the price of substitutes
12
A lower equilibrium price will result in?
Less resources being allocated
The same resources being allocated
More resources being allocated
Huh???
13
Sellers leaving the market will result in?
Supply shift to the left
Supply shift to the right
Demand shift to the right
Demand shift to the left

Demand, supply & equilibrium Flashcards | StudBud