total amount of good or service available to a consumer

Based our slides, Why would a candy bar have a higher price in location A than in location B?

Higher demand for location A candy bar so the price rises

Why does a house cost more in Boston than in Dallas

Lower supply and higher demand in Boston

How does a seller find the equilibrium price of their product?

Though a lot of trial and error

consumer's willingness to pay for a good or service

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Supply and Demand in Everyday Life

10 termsStudBud Administration18 plays

economics 2017 quiz

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Questions 10

Answers

1
What happens when the demand for concert tickets is higher than the supply?
A shortage
A disappointment
A surplus
An equilibrium
2
Which job likely earns the highest income?
Nuclear Medicine Physician
Server
Anesthesiologist
Cashier
3
What is Supply
total amount of money in the bank
consumer's desire and willingness to pay for a good
consumers desire to pay for a service
total amount of good or service available to a consumer
4
Based our slides, Why would a candy bar have a higher price in location A than in location B?
Higher demand for location A candy bar so the price rises
Higher demand for location B candy bar so the price lowers
1 location wants to make more money so they raise the price
Location A has the better quality candy bar
5
Why does a house cost more in Boston than in Dallas
Lower supply and higher demand in Boston
Higher supply and less demand in Boston
Lower supply and less demand in Dallas
Higher supply and higher demand in Dallas
6
How does a seller find the equilibrium price of their product?
Though a lot of trial and error
By multiplying their age by the amount of product
By accurately estimating
By reading the stars
7
Is a movie ticket more expensive on a saturday evening or on a monday morning?
Monday morning
Sunday morning
monday evening
Saturday evening
8
What phenomena becomes possible when concert tickets are sold below their equilibrium price?
Scalering
Scalping
Stealing
Scralping
9
What is Demand
the amount of product created by a company
consumers amount of hair
company's willingness to work together with another company
consumer's willingness to pay for a good or service
10
Why do some movie tickets cost more than others?
midnight release
higher demand to see the movie
The ticket is gold
higher supply of tickets

Supply and Demand in Everyday Life Flashcards | StudBud