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Demand and Supply Flashcards | StudBud
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Demand and Supply
Demand and Supply
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Questions
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Answers
1
Demand for chips increases as price for pretzels increases. The demand shift determinant is?
A Compliment
Consumer Tastes
Related Goods
A Substitute
2
What is this graph displaying?
Change in Quantity Demanded
Shift in Supply
Shift in Demand
Change in Quantity Supplied
3
The Theory of Production says there's 3 stages in a firm's productivity. Which does
NOT
apply?
Increasing Marginal Returns
Decreasing Marginal Returns
Negative Marginal Returns
Positive Marginal Returns
4
What is this graph displaying?
Change in Quantity Demanded
Shift in Supply
Change in Quantity Supplied
Shift in Demand
5
What is this anexample of?
Supply Schedule
Supply Curve
Demand Schedule
Schock's Orange Juice Stand
6
What is this graph displaying?
Change in Quantity Demanded
Shift in Demand
Shift in Supply
Change in Quantity Supplied
7
Additional satisfaction/ usefulness you get with each additional purchase.
Marginal Returns
Marginal Revenue
Marginal Cost
Marginal Utility
8
True or False: Total Revenue – Total Cost = Profit
True
False
9
The interaction between buyers and sellers through demand and supply forms the…
Demand Curve
Market
Supply Curve
Quantity
10
Demand for peanut butter increases as price for jelly decreases. Demand shift determinant is?
Consumer Tastes
A Substitute
Related Goods
A Compliment
11
Curve that shows the quantities offered at various prices by ALL firms that offer the product
Demand Curve
Market Supply Curve
Supply Curve
Market Demand Curve
12
Decision making
based off of
costs
and
benefits
of an action is...
A total guess...
Marginal Analysis
Change in Quantity Supplied
Break-Even-Point
13
The quantity of a good that sellers wish to sell at each possible price
$$$$$$
Demand
Supply
Production
14
"As price goes down, quantity goes down.” What does that describe?
Law of Demand
Direct Relationship
Law of Supply
Inverse Relationship
15
What is this graph displaying?
Shift in Demand
Change in Quantity Supplied
Shift in Supply
Change in Quantity Demanded
16
When factors change that cause people to buy different amounts of a product at the same prices:
Change in Demand
Price Decreases
Price increases
Change in Quantity Demanded
17
The desire, willingness, and ability to buy a product at certain prices
Quantity
Purchasing Power
Demand
Supply
18
What are the 2 variables of both Demand and Supply (think of the graphs)
Quantity & Money
Price & Rarity
Quantity & Price
Desire & Money
19
Measure of the way in which the quantity demanded/supplied responds to a change in price
Quality
Shift of a Demand Curve
Shift of a Supply Curve
Elasticity
20
A graph that shows the quantity demanded at every feasible price in the market
Demand Curve
Market Graph
Demand Schedule
Supply Curve
