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Supply & Demand
Supply & Demand
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StudBud Administration
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Introductory review of supply and demand changes
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
The demand and supply schedule shows:
Price that everyone would pay
Demand prices and quantities, but not supply
Profit of loss of a business
The same information as a supply and demand graph
2
During a recent snow/ ice storm, the demand for netflix
decreased
decreased due to a lack of preference
increased to an increase in supply of netflex
increase due to an increase in consumer taste
3
Demand is downward sloping due to :
the income and substitute effect
The substitute and complement effect
Inferior and normal goods
The number of consumers
4
A change in Price causes a change in
Technology
Demand
Supply
quantity supplied
5
During a power outage during a storm, the demand for candles
increases to consumer preferences
increases due to income, normal goods
decreases due to consumer preferences
decrease, due to inferior goods
6
The Law of Demand says that :
As Price goes up, quantity demanded remains the same
As price goes up, quantity demanded goes up
As price goes up, quantity demanded goes down
As price goes up, the quantity supplied goes up
7
The magic point where supply and demand connects is
a price ceiling
a price floor
Adam Smith land
equilibrium
8
An increase of wages will lead to a:
decrease in demand
Increase demand for normal goods
decrease in Supply
increase in Supply
9
An increase in the price of pizza will lead to an increase in which of the following?
the demand for calizones (substitute)
the supply of coca cola
the supply of pizza
the demand for flour
10
How many of Jersey Mike's Subs a person demands depends on:
The price of cokes
The price of the Subs
How long the line is.
How good the french fries are
11
Marshmallows and hot chocolate are:
Inferior Goods
Complements
No relationship
Substitutes
12
One of the following is not a determinant of Supply:
technology
# of consumers
Price of other goods
# of sellers
13
A decrease in the price of peanut butter would most likely increase the demand for
Coffee
Electricity
Ham
Jelly
14
After a heavy snowfall, the demand for snow shovels
decrease
increase
The quantity supplied increased
The quantity demanded increased
15
For many people, Spam is a
a substitute
normal good
an inferior good
a complement
16
A decrease in the price of butter would most likely decrease the demand for:
jelly
syrup
bagels
margarine
17
Which of the following would increase demand for a normal good? A increase in:
Price of a Substitute
Price
Income
Price of a Complement
18
The following is a determinant of Demand
Taxes
Income
# of Suppliers
Subsidies
19
If the price of sleds increases,
The demand for snow suits increases
The demand for snow suits decreases
The snow sharks eat more kids
Price does not change demand, so no change
20
The Law of Supply is
based on consumers behavior
A direct relationship
An inverse relationship
says that when price goes up, demand goes down
21
The following is not a determinant of Demand
Taste
Price of Substitutes
# of Consumers
Technology
22
One of these things is not like the others
Preferences
Price of Complements
Technology
# of Consumers
23
If the price of hot chocolate increases,
The demand for marshmallows increases
The demand for marshmallows is unchanged
The demand for hot tea increases
The demand for ice cream increases
24
A change in Price causes a change in :
Substitutes
Demand
Quantity Demanded
# of Consumers
