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3.3 Supply, Demand and Equilibrium Flashcards | StudBud
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3.3 Supply, Demand and Equilibrium
3.3 Supply, Demand and Equilibrium
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This quiz covers Learning Outcome 3.3; Supply and Demand on the Junior Cycle Business Studies Course
Flashcards
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Questions
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Answers
1
When Creating a supply and demand curve how do you label each axis?
X=Price Y= number of sellers
X=Quantity Y= number of buyers
X= number of buyers Y=number of sellers
X=Quantity Y=Price
2
A shift in the supply curve to the rights means:
the amount producers wish to sell at every price increases
All of the above
the amount producers wish to sell at every price decreases
the amount producers wish to sell at every price is the same
3
A leftward shift of supply will:
increase equilibrium quantity.
increase demand.
decrease equilibrium quantity.
decrease demand.
4
Equilibrium price is where the demand of a product/service is equal to the supply of a product/service.
True
False
5
What happens when the Supply is low and the demand is high?
The price decreases
The price increaces
6
What label do you put on the y axis of a supply/demand curve (the vertcial axis or up/down axis)
Quantity
Price
Demand
Supply
7
What happens when the supply is high and the demand is low?
Prices go crazy and have a party
The Prices tend to increase
The Prices tend to fall
You have the equilibrium
8
A shift in a demand curve caused by factors that affects your willingness to purchase
False
True
9
Locate the equilibrium
The supply line
Where all the lines meet in the middle
The demand line
The quantity
10
The law of supply states
As prices increase, demand increases
As prices increase, demand falls
As prices increase, supply falls
As prices increase, supply increases
11
At price of $2 what is the quantity supplied?
2 units
7 units
5 units
4 units
12
what would happen on a supply and demand curve if a tax was put on materials?
the supply curve would shift to the left
the demand curve would shift to the left
the demand curve would shift to the right
the supply curve would shift to the right
13
A decrease in demand is shown graphically by
A movement up
A shift to the left in the demand curve
A movement down
A shift to the right in the demand curve.
14
Who determines demand?
Buyers
Sellers
15
When demand is greater than supply, a _________ will result
equilibrium
shortage
balance
surplus
16
When supply is greater than demand, a _________ will result
balance
shortage
equilibrium
surplus
17
The equilibrium price and quantity would be...
P = $5, Q= 4
P=$5, Q=6
P= $5, Q=5
P= $6, Q= 5
18
Where supply and demand curves meet is known as:
coincide
equilibrium
connection
equal
19
A shift in the supply curve to the left means:
none of the above
quantity producers offer at every price stays the same.
quantity producers offer at every price will be less.
quantity producers offer at every price will be high.
20
Is the picture a demand Curve or demand schedule
Market schedule
Demand Curve
21
Consumer Tastes has a massive effect on product demand
False
True
22
What happens to the supply curve when the number of sellers decrease?
No change
No change
It shifts right
It shifts left
23
Price changes shift the demand curve
True
False
24
What label do you put on the x axis of a supply/demand curve (the horizontal axis or left/right axis)
Demand
Supply
Quantity
Price
25
At price of $2 what is the quantity demanded?
5 units
8 units
4 units
2 units
26
The law of demand states
As prices increase, demand falls
As prices increase, demand increases
As prices increase, supply falls
As prices increase, supply increases
27
What does equilibrium mean?
A point where QS>QD
A point where QS=QD
A point where P=QS
A point where QS<QD
28
Which of the following is not a factor affecting supply ?
Technology
prices of other goods
Income
Government actions
29
A graphical representation of a demand schedule is
demand curve
law of supply
supply curve
law of demand
30
Price has increased causing the supply curve to shift to the left.
True
False
31
If the demand curve shifts to the left there has been an increase in demand.
True
False
32
What is the equilibrium quantity?
5 units
4 units
7 units
2 units
33
What happens to a supply curve when the number of sellers increase
It shifts downward
It shifts leftward
It shifts upward
It shifts rightward
34
A supply curve is
negative sloping (downwards from top left to bottom right)
positive sloping (upwards from bottom left to top right)
35
Which of these factors may cause a shift in the demand curve?
A change in trends and fashions
A change in the size of the population
Good or bad publicity
All of the above
36
Market Equilibrium is when the demand curve?
Is at its highest value
When there is a steady supply
Meets the Supply Curve
Is at its lowest value
37
A graphical representation of a supply schedule is
demand curve
law of supply
supply curve
law of demand
38
What Causes a shift in the Demand
income
All of the above
Consumer Expectations
Consumer Tastes & Advertising
39
What is the equilibrium price?
$60.00
$40.00
$50.00
$70.00
40
Demand is the quantity of a good or service that buyers...
will purchase at no rates during no specific time-period
will purchase at the same rates during a special time-period
no clue...
will purchase at various rates during a given time-period
41
Which of the following is NOT a factor that affects supply
Price of the good
Price of other goods
Changes in Income
Changes in Technology
42
A table showing the quantities supplied of a good at various prices is a
supply schedule
supply curve
factors affecting supply
law of supply
43
What does a demand curve show
amount the buyers are willing to purchase from the price
Nothing
Amount buyers negotiate on
The products
44
When the supply curve shifts, it changes the ____ and _____ of the equilibrium
quantity, demand
price, quantity
price, supply
demand, supply
45
The quantity of goods/services available to consumers to buy at various prices over a period of time is:
Demand
Supply
46
Quantity in the context of the supply curve means..
The amount that's supplied by the business
The price that consumers want to buy as
The amount consumers are buying
The price that sellers want to sell as
47
The quantity of goods/services consumers are willing to buy at various prices over a period of time is:
Supply
Demand
48
Changes in price shift the supply curve, no matter what they are
True
False
49
A demand curve is
negative sloping (downwards from top left to bottom right)
positive sloping (upwards from bottom left to top right)
50
Which of the following is not a factor affecting demand?
Income
Number of producers
Tastes and preferences
Price of complements
51
A table showing the quantities demanded for a good at various prices is a
demand curve
demand schedule
factors affecting demand
law of demand
52
Which of the following is NOT a factor that affects demand
Price of the good
Changes in Technology
Price of other goods
Changes in Income
53
At what price will 7 units be supplied to the market?
$5
$4
$2
$7
54
What is the equilibrium price?
$7
$2
$5
$4
