You are told tomorrow is the final day in your life that you can purchase Chocolate, this will cause the following..

Demand Increases, Supply decreases

Equilibrium is a perfect situation because

compromise is the same, sellers and buyers objectives met

The delivery of toilet paper to Woolworths burnt on a truck, this will....

Cause a decrease in supply of toilet paper

Which factors cause an increase/decrease in demand/supply?

Taste/Price/Alternatives/Technology etc

What is the Law of Demand

Ceteris Parabis, as the price of a good increases, qty demanded decreases

Where is equilibrium (the best price) found?

Where demand and supply lines intersect (cross over)

What is an increase or decrease in demand

When any factor has changed causing the curve to shift

What is a contraction/expansion in demand

The movement along the demand/supply curve when price change

Amt that economic agents are willing and able to provide at a given price

What is the law of Supply

ceteris parabis, increase in price, results in an increase in qty supplied

The amount a buyer is willing to purchase at a certain price

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Year 11 Economics Quiz 1 - Demand/Supply/Equilibrium

14 termsStudBud Administration589 plays

Demand, Supply, Markets, etc

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Questions 14

Answers

1
You are told tomorrow is the final day in your life that you can purchase Chocolate, this will cause the following..
Supply increases, demand decreases
Demand Increases, Supply decreases
Supply expands, Demand contracts
Demand contracts, Supply Increases
2
Equilibrium is a perfect situation because
Sellers can get a high price
Buyers can get a low price
compromise is the same, sellers and buyers objectives met
Sellers and buyers are angry
3
The delivery of toilet paper to Woolworths burnt on a truck, this will....
Cause a contraction in supply
Cause an expansion in supply
Cause an increase in supply
Cause a decrease in supply of toilet paper
4
Is this a demand or supply graph?
Supply
Demand
5
Which factors cause an increase/decrease in demand/supply?
Price
Taste/Price/Alternatives/Technology etc
6
Coronavirus has made people lose their marbles, this will cause peoples demand for Toilet Paper and Hand Sanitiser to..
Decrease
Expand
Contract
Increase
7
What is the Law of Demand
As price decreases, less will buy
If we demand we will get
Ceteris Parabis, as the price of a good increases, qty demanded decreases
As price increase, more will buy
8
Where is equilibrium (the best price) found?
Where demand and supply lines intersect (cross over)
Where we point at a high price
Where supply and the highest demand meet
When the buyer yells out he's got stuff to sell
9
What is an increase or decrease in demand
When any factor has changed causing the curve to shift
When $P has changed and demand/supply moves up/down a demand/supply curve
10
What is a contraction/expansion in demand
The movement outward/inward of the supply/demand curve
The movement along the demand/supply curve when price change
11
What is Supply?
Products can only be sold in shopping centres and online
That supply is unlimited
Amt that economic agents are willing and able to provide at a given price
It is hard to supply resources
12
What is the law of Supply
ceteris parabis, increase in price, results in an increase in qty supplied
Where supps lie
The rate of exports entering Australia by ship
The rate at which transport moves products
13
Consumers hear that Oil may run out. This will cause petrol demand to
Contract
Increase
Expand
Decrease
14
What is Demand?
An economic concept
The amount a buyer is willing to purchase at a certain price
A description of demons
The amount a seller is willing to sell at a certain price

Year 11 Economics Quiz 1 - Demand/Supply/Equilibrium Flashcards | StudBud