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Supply, demand and market equilibrium Flashcards | StudBud
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Supply, demand and market equilibrium
Supply, demand and market equilibrium
19 terms
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StudBud Administration
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167 plays
Introductory review of supply and demand changes
Flashcards
19 cards
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Practice quiz
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Host live
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Questions
19
Answers
1
Which one of the following will
not
shift a Supply Curve?
technology
# of sellers
# of consumers
Price of other goods
2
An increase in demand...
causes a shortage at the old price, so price must decrease
causes a surplus at the old price, so price must increase
causes a shortage at the old price, so price must increase
causes a surplus at the old price, so price must decrease
3
After a heavy snowfall, the demand for snow shovels
increases
The quantity supplied increased
The quantity demanded increased
decreases
4
Which of the following will NOT shift a demand curve?
Technology
Price of Substitutes
Taste
# of Consumers
5
If the price of sleds increases,
Price does not change demand, so no change
The snow sharks eat more kids
The demand for snow suits increases
The demand for snow suits decreases
6
A change in price causes a change in
Supply
quantity supplied or quantity demanded
Demand
Technology
7
During a power outage during a storm, the demand for candles
decrease, due to inferior goods
increases due to income, normal goods
increases due to consumer preferences
decreases due to consumer preferences
8
The Law of Demand says that :
As price goes up, the quantity supplied goes up
As price goes up, quantity demanded goes up
As Price goes up, quantity demanded remains the same
As price goes up, quantity demanded goes down
9
The magic point where supply and demand connects is
a price ceiling
equilibrium
a price floor
Adam Smith land
10
An increase in supply...
causes a surplus at the old price, so price must increase
causes a surplus at the old price, so price must decrease
causes a shortage at the old price, so price must increase
causes a shortage at the old price, so price must decrease
11
A decrease in supply...
causes a shortage at the old price, so price must decrease
causes a shortage at the old price, so price must increase
causes a surplus at the old price, so price must increase
causes a surplus at the old price, so price must decrease
12
Which of the following would
decrease the demand
for coca cola? A decrease in:
Cost of wages
Price of Coke
Price of Pepsi
Price of chips
13
An increase of wages (as a cost of production) will lead to a:
Increase quantity demanded
increase in Supply
decrease in Supply
decrease in demand
14
If the price of hot chocolate increases,
The demand for marshmallows is unchanged
The demand for hot tea increases
The demand for marshmallows increases
The demand for ice cream increases
15
A decrease in demand....
causes a surplus at the old price, so price must increase
causes a shortage at the old price, so price must increase
causes a shortage at the old price, so price must decrease
causes a surplus at the old price, so price must decrease
16
During a recent snow/ice storm, the demand for netflex
decreased
increased to an increase in supply of netflex
increases due to an increase in consumer taste
decreased due to a lack of preference
17
A decrease in the price of butter would most likely decrease the demand for:
syrup
bagels
jelly
margarine
18
An increase in the price of pizza will lead to an
decrease
in which of the following?
the supply of coca cola
the supply of calizones (less profitable related good)
the demand for flour
the supply of pizza
19
A decrease in the price of peanut butter would most likely
increase the demand
for
Bread
Electricity
Ham
Coffee
