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Supply and Demand Flashcards | StudBud

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Supply and Demand

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Supply and Demand Quiz for Social Studies

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Questions 10

Answers

1
Are these complementary or substitute goods?
Substitute
Complementary
2
What happens if the price exceeds the equilibrium price?
There is too much supply left
A shortage occurs
A surplus occurs
An increase in the expected future price
3
What is demand?
How much of the product is left
An increase in the expected future price
How much people want something
4
The price of iPhone 6's goes up. What will happen to the demand and supply for iPhone 6's?
Demand goes up supply goes down
Demand goes down supply goes down
Demand goes down supply goes up
Demand goes up supply goes up
5
What is supply?
The prices of related goods and services
How much of something there is available to sell
To sell products
To want a certain product
6
What happens if the price is below the equilibrium?
A shortage occurs
Supply and price are connected
A surplus occurs
There's not enough supply
7
What are Complementary goods?
You buy one or the other not both
When a product has its price lowered
You buy two things because they go well together
When a product has its price raised
8
If the price for Cheez-it goes up. What happens to the supply for Cheez-it?
It goes up
It goes down
9
What are Substitute goods?
Increase to price Increase to demand
Prices of related goods and services
Tastes and perefrences
You buy one or the other not both
10
If the price of Twizzlers goes down. What happens to the demand for Twizzlers?
It goes down
It goes up