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AS Economics - Demand & Supply Flashcards | StudBud
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AS Economics - Demand & Supply
AS Economics - Demand & Supply
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AS Economics - Demand & Supply
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
The equilibrium price in a market
changes when demand equals supply.
is the market-clearing price.
is the balance of excess demand and excess supply.
always increases when demand rises.
2
The diagram below shows the market demand curve & two market supply curves for a good...
vertical distance JG
the horizontal distance KH
the diagonal distance HG
increase in price EF
3
In the diagram below, the government introduces a subsidy on a good...
FE
FG
HG
FH
4
In the diagram below, the government imposes an indirect tax on a product...
EFJK
EGHK
OGHL
FGHJ
5
The diagram below shows a market for rented accommodation...
decrease the amount of accommodation available from Q2 to Q1
increase the amount of accommodation available from Q1 to Q2
increase the amount of accommodation available from Q to Q2
decrease the amount of accommodation available from Q to Q1
6
The diagram below shows the supply (S) and demand (D) curves for a normal good...
an increase in the income of buyers
an increase in the price of a complementary good
consumers’ expectations that its price is about to fall
a decrease in the price of a close substitute
7
In a typical demand schedule, quantity demanded...
varies inversely with price
is determined by the elasticity of demand.
varies proportionately with price.
varies directly with price
8
‘OPEC is expected to cut output of crude oil by more than 1 million barrels per day...
movement along the demand curve
movement along the supply curve
shift to the left of the demand curve
shift to the right of the supply curve
9
The diagram below shows the demand for, and supply of, butter in a country.
£225 million
£100 million
£75 million
£150 million
10
Which one of the following is an example of composite demand?
B
C
D
A
