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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
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Questions
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Answers
1
If a seller slightly raises the price of a good and the quantity demanded falls dramatically...
that product has elastic demand.
that product has inelastic demand.
that product has normal demand.
that product has inferior demand.
2
If the demand for greebes increases and the supply of greebes decreases...
the equilibrium price will be indeterminate and the quantity will increase
the equilibrium price will increase and quantity will be indeterminate
the equilibrium price will be indeterminate and the quantity will decrease
the equilibrium price will decrease and the quantity will be indeterminate
3
If the demand for greebes decreases and the supply of greebes increases...
the equilibrium price will decrease and the quantity will be indeterminate
the equilibrium price will be indeterminate and the quantity will increase
the equilibrium price will increase and quantity will be indeterminate
the equilibrium price will be indeterminate and the quantity will decrease
4
The amount of a good or service that consumers are willing to buy at various prices is...
quantity supplied
supply
quantity demanded
demand
5
The amount of a good or service that consumers are willing to buy at a specific price is...
supply
demand
quantity supplied
quantity demanded
6
Which of the following could have caused what is shown on the graph...
An increase in price
A change in expectations
A change in technology
An increase in input prices
7
Movement from B to A on the graph could be caused by...
An increase in the price of a complement
An increase in the price
An increase in the cost of inputs
A decrease in the price
8
Based on the graph, what will happen to equilibrium price and quantity?
both will rise
both will fall
equilibrium price will decrease, quantity will increase
equilibrium price will increase, quantity will decrease
9
Based on the graph, what will happen to equilibrium price and quantity?
both will fall
equilibrium price will increase, quantity decrease
equilibrium price will decrease, quantity increase
both will rise
10
If a good or service is an inferior good or service, then as income rises...
demand falls.
demand rises.
quantity demanded rises.
quantity demanded falls.
11
If the demand for greebes decreases and the supply decreases...
the equilibrium price will decrease and the quantity will be indeterminate
The equilibrium price is indeterminate and the quantity decreases
the equilibrium price will increase and quantity will be indeterminate
The equilibrium price is indeterminate and quantity increases
12
Which of following could cause what is shown on the graph?
An increase in the price of a complement
An increase in the price of an input
A decrease in the price of an input
A increase in the price of a substitute
13
Movement from B to C could be a result of...
A decrease in price
An increase in price
A decrease in input costs
An increase in input costs
14
A price ceiling is...
placed below eq. price and results in a shortage.
placed above the eq. price and results in a shortage
placed below eq. price and results in a surplus.
placed above the eq. price and results in a surplus.
15
The amount of a good or service producers are willing to offer for sale at various prices is...
demand
supply
quantity supplied
quantity demanded
16
Based on the graph, what will happen to equilibrium price and quantity?
equilibrium price will increase quantity will decrease
both will fall
both will rise
equilibrium price will decrease, quantity will increase
17
Which of the following could have caused what is shown on the graph...
A change in input prices
A change in price
A change in the cost of complements
A change in the cost of substitutes
18
Which of the following could have caused what is shown in the graph?
An increase in input prices
An improvement in technology
A decrease in the price of a substitute
An increase in the price of a complement
19
The law of demand states that as price increases...
quantity demanded decreases
demand decreases
demand increases
quantity demanded increases
20
If the demand for greebes increases and the supply of greebes also increases...
The equilibrium price decreases and the quantity is indeterminate
The equilibrium price is indeterminate and quantity increases
The equilibrium price is indeterminate and the quantity decreases
The equilibrium price increases and the quantity is indeterminate
21
If a good or service is a normal good, then as incomes rise...
demand will rise.
quantity demanded will rise.
demand will fall.
quantity demanded will fall.
22
A price floor is...
placed above the eq. price and results in a shortage.
placed below the eq. price and results in a surplus.
placed below the eq. price and results in a shortage.
placed above the eq. price and results in a surplus.
23
If the price of a good or service rises, but people still buy about the same amount of it...
that product is a normal good or service.
that product has elastic demand.
that product has inelastic demand.
that product is an inferior good or service.
24
The amount of a good or service producers are willing to offer for sale at a specific price is
quantity supplied
demand
supply
quantity demanded
25
The law of supply states that as price increases
quantity supplied decrease
supply increases
quantity supplied increases
supply decreases
