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Supply and Demand Flashcards | StudBud

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Supply and Demand

10 terms·StudBud Administration·184 plays

A practice quiz for #Supply and #Demand

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Questions 10

Answers

1
How would the supply of apples probably be affected if the price of apples was expected to drop in the near future?
The supply would not be affected
The supply would increase after the price drop
The supply would increase just before the price drop
The supply would decrease just before the price drop
2
What does the law of supply say?
If price goes up, supply goes up
If price goes up, supply goes down
If price goes up, demand goes up
If price goes up, supply stays the same
3
Which of the following would be an elastic good for demand?
Houses
Life Saving Medicine
Apple Juice
Water
4
Which of the following would NOT cause a shift in the demand curve?
Price
Consumer Expectations
Income
Population
5
Which of the following is plotted on the vertical axis of a demand and supply graph?
Price
Demand Schedule
Market Demand Schedule
Quantity
6
Which of the following is NOT a way that the government affects supply?
Regulation
Subsidies
Taxes
Civil Rights Laws
7
A market supply schedule shows the relationship between:
Demand and the total quantity supplied by all firms in a market
Demand and the total quantity supplied by one company in a market
Prices and the total quantity supplied by one company in a market
Prices and the total quantity supplied by all firms in a market
8
All of the following are examples of variable costs except:
Labor
Electricity
Heat
Rent
9
What does the law of demand say?
As prices go down, demand goes down
As prices go down, demand goes up
As prices go down, demand stays the same
As prices go down, supply goes up
10
Which of the following is NOT a cost that suppliers think about?
Total Cost
Demand Cost
Variable Cost
Fixed Cost