If the price of hot chocolate increases,

The demand for hot tea increases

The Law of Demand says that :

As price goes up, quantity demanded goes down

During a recent snow/ ice storm, the demand for netflex

increase due to an increase in consumer taste

If the price of sleds increases,

The demand for snow suits decreases

An increase in the price of pizza will leas to an increase in which of the following?

the supply of calizones (substitute)

Demand is downward sloping due to :

the income and substitute effect

The demand and supply schedule shows:

The same information as a supply and demand graph

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Duplicate of Supply & Demand

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Introductory review of supply and demand changes

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Questions 20

Answers

1
If the price of hot chocolate increases,
The demand for marshmallows increases
The demand for hot tea increases
The demand for marshmallows is unchanged
The demand for ice cream increases
2
A decrease in the price of butter would most likely decrease the demand for:
margarine
bagels
jelly
syrup
3
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
4
For many people, Spam is a
an inferior good
a complement
normal good
a substitute
5
The magic point where supply and demand connects is
equilibrium
a price floor
Adam Smith land
a price ceiling
6
During a recent snow/ ice storm, the demand for netflex
decreased
increase due to an increase in consumer taste
increased to an increase in supply of netflex
decreased due to a lack of preference
7
How many of Jersey Mike's Subs a person demands depends on:
How good the french fries are
How long the line is.
The price of cokes
The price of the Subs
8
The Law of Supply is
An inverse relationship
says that when price goes up, demand goes down
A direct relationship
based on consumers behavior
9
An increase of wages will lead to a:
decrease in demand
Increase quantity demanded
increase in Supply
decrease in Supply
10
Which of the following would increase demand for a normal good? A decrease in:
Price
Price of a Substitute
Income
Price of a Complement
11
One of the following is not a determinant of Supply:
# of consumers
Price of other goods
# of sellers
technology
12
If the price of sleds increases,
Price does not change demand, so no change
The demand for snow suits increases
The demand for snow suits decreases
The snow sharks eat more kids
13
An increase in the price of pizza will leas to an increase in which of the following?
the supply of coca cola
the supply of calizones (substitute)
the supply of pizza
the demand for flour
14
Demand is downward sloping due to :
Inferior and normal goods
The number of consumers
The substitute and complement effect
the income and substitute effect
15
The demand and supply schedule shows:
Price that everyone would pay
Profit of loss of a business
Demand prices and quantities, but not supply
The same information as a supply and demand graph
16
One of these things is not like the others
Price of Complements
Preferences
# of Consumers
Technology
17
Marshmallows and hot chocolate are:
No relationship
Substitutes
Inferior Goods
Complements
18
The following is not a determinant of Demand
Taste
# of Consumers
Technology
Price of Substitutes
19
The following is a determinant of Demand
Income
Taxes
# of Suppliers
Subsidies
20
After a heavy snowfall, the demand for snow shovels
increase
The quantity demanded increased
The quantity supplied increased
decrease

Duplicate of Supply & Demand Flashcards | StudBud