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Economics: Supply and Demand Flashcards | StudBud

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Economics: Supply and Demand

13 terms·StudBud Administration·900 plays

#Economics #Demand #Supply

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Questions 13

Answers

1
Which Graph is this?
Change in Supply
Change in Quantity Supplied
Change in Demand
Change in Quantity Demanded
2
If the number of producers increases, what happens?
The total amount of products stay the same
The total amount of products increases
Not enough information
The total amount of products falls
3
Which graph is this?
Change in Quantity Supplied
Change in Quantity Demanded
Change in Demand
Change in Supply
4
Which is NOT a factor affecting supply
Changes in technology
The price that the product is sold for
Number of producers in the market
Prices of related products
5
Which Region is Point B
Equilibrium
Shortage
Surplus
6
Which Graph is this?
Change in Quantity Demanded
Change in Suply
Change in Quantity Supplied
Change in Demand
7
Which best Describes Supply?
The opposite of Demand
The amount of good produced by a company
The amount of a good supplied by a company
Relationship between prices and quantities of a product
8
Which Region is point A
Surplus
Shortage
Equilibrium
9
Which Region is Point C
Shortage
Surplus
Equilibrium
10
Which Region is Point B
Surplus
Equilibrium
Shortage
11
Which Graph is this?
Change in Quantity Demanded
Change in Demand
Change in Supply
Change in Quantity Supplied
12
If resources (input costs) rise, what happens to overall supply
Not enough information is known about the market
Overall supply of the product increases
Overall supply of the product decreases
Overall supplie of the product stays the same
13
If a producer believes that the price for the product will increase in the future they might...
Sell as much as he can right now
Increase production right now
Not do anything, as no one can predict the future
Hold onto his supplies and wait for a higher price