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Duplicate of Supply & Demand
Duplicate of Supply & Demand
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StudBud Administration
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Review for Supply and Demand Test
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Look at the Graph. If this is the Market for Green Beans what might cause this to happen.
New Technology helps grow more green beans
People find out green beans cause cancer
Aaron Rodgers does a commercial for green giant
A drought destroys much of the green bean crop
2
Which of the following would increase the price of Dog Food
an increase in the demand for dog food
a decrease in the demand for dog food
an increase in the supply of dog food
many dogs die of a terrible disease.
3
What is it called in a market when buyers buy exactly the same amount as sellers want to sell.
disequilibrium
shortage
equilibrium
surplus
4
The following products would be considered Compliments
hot dogs and hot dog buns
french fries and tots
pepsi and coke
hamburgers and chicken sandwiches
5
If there is a surplus, Quantity Demanded is ____________ than quantity supplied
it depends
lower
the same
higher
6
What two shifts (one of demand/one of supply) will definitely cause equilib prices to decrease?
demand up, supply down
demand down, supply up
demand up, supply up
supply down, demand down
7
To get the MOST profit a company will produce ___________________.
Wherever it wants
Where Price = Revenue
where MC=Price
where quantity is highest
8
This change in the market causes Equilibrium Prices to _________ and Quantities to _________
up, down
down, down
down, up
up, up
9
If you raise the price of the product and your total revenue goes down then the demand is
equilibrium
inelastic
unit elastic
elastic
10
One example of a price floor is
rent control
cap and trade
shortages
minimum wage
11
When their is a Shortage in a market the Price will
it depends
Increase
Stay the Same
Decrease
12
Any arrangement that brings buyers and sellers together is called:
The hallway
Goods and Services
Thanksgiving
A Market
13
If demand shifts to the left prices will __________ and quantities will _____________
go up, go up
go down, go up
go up, go down
go down, go down
14
If the quantity demanded is 200 and the quantity supplied is 50 how much is the shortage?
200
50
150
250
15
If the price of pepsi goes up, what will happen to the demand for coke?
it will decrease
it will increase
who knows coke tastes horrible anyway
it will stay the same
16
If your income increases what will happen to your demand for an inferior good (like spam)?
it will decrease
nothing
spam is delicious
it will increase
17
the highest price you are LEGALLY able to pay is called
shortage
price ceiling
price floor
equlibrium
18
If Green Bean Manufactures kept their price at the OLD equalibrium this would cause ___________
a new shift in supply
a shortage
another drought
a surplus
19
A price that is HIGHER than equilibrium will cause a __________ in the market.
shortage
equilibrium
demand to be greater than supply
surplus
20
If a good is a need then the demand is
unit elastic
inelastic
elastic
at equilibrium
