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supply and demand gods Flashcards | StudBud

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supply and demand gods

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10 supply and demand questions #supply #demand

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Questions 10

Answers

1
what is supply? what is demand? (2 possible answers)
demand is the amount of a good or service someone has
supply is the amount of a good or service someones has
supply is how much people want the good or service
demand is how much people want the good or service
2
the demand curve represents a *blank* relationship between *blank* and *blank*
negative / price / quantity
positive / price / demand
positive / price / quantity
negative / price / demand
3
Price goes up-supply produced goes up and the price goes down the supply produced goes down.
law of demand
equilibrium
Law of supply
personal selling
4
The point where the supply and demand curves intersect.
slope intersect
law of supply
vertex
Equilibrium
5
which of these will not cause a change in demand
change in current price
change in consumer tastes and preferences
change in population
change in consumer expectations
6
in a market economy, who sets the prices?
buyers
sellers
buyers and sellers
the man
7
what is the difference between a change in quantity demanded and a change in demand
a slide on demand curve VS. a slide along demand curve
a slide along demand curve VS.a shift of demand
a shift of demand curve VS. slide along price axis
a shift of demand curve VS. a shift of demand curve
8
what happens to the demand of a restaurant raises its price of food by a lot
stays same
goes down
goes up
changes slowly
9
When the price goes up demand goes down, and when the price goes down demand goes up.
natural selection
law of supply
ceiling cap
Law of demand
10
when there is a change in price there will be
a shift of the demand curve
a slide along the price axis
a change in the quantity demanded
a change in demand