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Combining Supply and Demand Flashcards | StudBud
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Combining Supply and Demand
Combining Supply and Demand
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Questions
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Answers
1
A surplus lowers price
True
False
2
If prices are high, what incentive does it cause in the market
I wasn't paying attention
more companies begin competing
the government will force prices lower
the producer makes more
3
On the supply/demand graph, a shortage is located...
at the bottom
at the top
on the left
on the right
4
Subsidies shift the supply curve to the...
east
left
west
right
5
When there is a shortage or surplus, the market is in...
disarray
inequallity
chaos
disequilibrium
6
An item where the brand/manufacturer does not matter is known as...
a commercial
a community
a commodity
a communism
7
Reading the supply/demand graph from left to right, supply goes down
True
False
8
Why did the price of digital cameras drop, even though they were getting better?
More competition
Taxes
Subsidies
Minimum wage rose
9
When the government imposes a maximum you can charge for an item, it is called a...
price ceiling
price limit
I wasn't paying attention
price floor
10
An example of a price ceiling is minimum wage
True
False
11
What item was recently sold as "art" for $120,000?
orange
pineapple
apple
banana
12
What happened to gas during WWII?
People stopped buying it in protest of the war
Prices skyrocketed
It was rationed
The U.S. stopped producing gas
13
What was the name of the administration team the former Soviet Union had to pay to monitor resources?
GOSPLAN
AFLAC
GOSPEL
GOSLING
14
One of the most important things that prices gives us is...
it allows us to compare unlike items
I wasn't paying attention
it makes us sad when we see it too high
it is constantly changing
15
Typically the equilibrium point is stagnant
False
True
16
Digital cameras were introduced in the...
2010
1980's
1990's
early 2000's
17
This is the point at which supply meets demand
umbellium
crossroads
equilibrium
equality
18
Why do low prices tell suppliers to stop/slow down production
Resources are running out
They can use their resources on other, more profitable items
Global warming
I wasn't paying attention
19
In a shortage, the market price is ____________ the equilibrium price
I wasn't paying attention
the same as
below
above
20
The market trends towards equilibrium automatically
True
False
21
What item was the big "winner" on Black Friday?
Sherpa
Nintendo Switch
Call of Duty:Modern Warfare
iPhone 11
22
A shift in either the supply or demand curve creates a new equilibrium point
True
False
23
What company is planning on testing drones delivering medicine?
CVS
Walgreens
Meditech
Pfizer
24
Something that becomes very popular, very quickly, but only for a short period of time is a
fad
I wasn't paying attention
style
trend
25
What company lost $942 million dollars in one day due to an "offensive" holiday commercial?
Walmart
Peloton
Lulu Lemon
Tesla
