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Supply and Demand Flashcards | StudBud

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Supply and Demand

10 terms·StudBud Administration·269 plays

#economics

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Questions 10

Answers

1
Which item has an elastic demand?
electricity
gasoline
cars
toilet paper
2
If supply decreases what happens to demand usually?
it increases
it stays the same
it becomes elastic
it decreases
3
Which one of these are variable(s)?
all of them
location
price
population
4
What two variables are affected by the demand?
price/supply
price/inventory
price/demand
supply/inflation
5
Which factor would lead to a price increase?
increase in demand
increase in supply
increase in inventory
liquidation of assets
6
Which one of these items has an inelastic demand?
all of them
gasoline
electricity
toilet paper
7
What two things are affected by the supply?
price/hypertension
price/deflation
demand/price
demand/supply
8
What is demand in economics?
How popular you are at Simmons
How much people want to boss you around
How much society wants an item
How much a society wants to profit
9
What is the term that refers to people buying a cheaper item to save money?
outcome effect
income effect
work two jobs to be broke
stingy
10
What is the economic meaning of supply?
how much of a service you have
available quantity of an item
available quality of an item
limited neoresources