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Demand & Supply
Demand & Supply
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This is a review of demand and supply concepts we have discussed so far.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Corporate taxes are seen as an additional this.
subsidy
quota
input
utility
2
On the graph displayed, what is being shown if we are moving from point A to point B?
an increase in D
a decrease in D
a decrease in QD
an increase in QD
3
Govt regulations usually cause supply to decrease because they generally cause a rise in this.
revenue
cost of production
equilibrium
utility
4
New technology will cause what long term change on the supply curve?
increase in QS
decrease in S
decrease in QS
increase in S
5
An increase in the price of eggs will have what effect on cookies?
increase QS for cookies
increase S for cookies
decrease S for cookies
decrease QS for cookies
6
Which of the following is considered a payment by govt to an individual or business?
quota
subsidy
tax
utility
7
Demand curves that are inelastic tell us what?
consumers are not very responsive to price changes
consumers are very responsive to price changes
Can't predict how consumers will respond to price changes
consumers are moderately responsive to price changes
8
To indicated a decrease in QS on the graph, which of the following is true?
there will be a movement along the S curve
curve shift right
curve shifts left
curve becomes horizontal
9
Which direction will the demand curve shift to show demand is increasing?
down
up
left
right
10
The shape of the supply curve is this from left to right.
downward sloping
vertical
horizontal
upward sloping
11
The additional satisfaction gained by purchasing one additional unit of an item is called this.
marginal revenue
quota
marginal utility
subsidy
12
The Law of Supply states that as Prices increase, QS will...
stay the same
explode
decrease
increase
13
What would the elasticity be if Price & Total Expenditure both increase?
elastic
inelastic
unit elastic
14
The Law of Demand says that as Price increases, QD will...
decrease
not exist
stay the same
increase
15
The shape of all demand curves always slope this way from left to right.
horizontal
vertical
up
down
16
What is the only thing that can cause a change in QD for an item.
change in style
change in Price of the item
change in substitute good price
change in incomes of consumers
17
A decrease in the price of butter will have which of the following effects on margarine.
decrease the QD
increase the QD
increase D
decrease D
18
If the price of an item takes a very large proportion of most people's income, which is true?
it has an inelastic demand curve
it has an elastic demand curve
it has a marginally elastic demand curve
it has a unit elastic demand curve
19
When a quota is placed on a product, the S curve will do what at the quota amount?
go horizontal
stop
go vertically in a downward direction
go vertically in an upward direction
20
The most important concept to producers is...
utility
low price
quality product
profit
