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Supply and Demand
Supply and Demand
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Quiz on basics of supply and demand #grade_12 #economics
Flashcards
10 cards
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Questions
10
Answers
1
💲 price of big screen TVs 📺 goes down ⬇️. What happens to supply and demand?
Supply up ⬆️, Demand up ⬆️
Supply up ⬆️, Demand down ⬇️
Supply down ⬇️, Demand down ⬇️
Supply down ⬇️, Demand up ⬆️
2
💲 price of Yeezy’s goes up ⬆️. What happens to demand for Yeezy’s?
Goes up ⬆️
Stays the same
Goes down ⬇️
3
💲price of hot Cheetos goes ⬇️ people buy more, 💲price goes up ⬆️ people buy less.
Law of Supply
Law of Products
Law of Costs
Law of Demand
4
If you keep buying Hot Cheetos despite a price increase 💲⬆️, your demand for Hot Cheetos is
Inelastic 🚫
Elastic ↔️
5
💲 price of favorite bag goes up ⬆️ so you buy a different, slightly cheaper bag.
Law of Demand
💵 Income effect
💵 🔁 Both
🔁 Substitution effect
6
💲 price of fidget spinners went down ⬇️. What happened to supply?
Went down ⬇️
Stayed the same
Went up ⬆️
7
In what ways can government influence supply?
Regulations 🚯
Subsidies 💰
Taxes 💵
8
What can cause a change in the demand for a product?
Marketing 📈
Income 💵
Price of related good 💲
Expectations 😯
9
💲wages of skilled 🏀 players go up ⬆️. What will happen to supply of 🏀 players?
Stays the same
Goes down ⬇️
Goes up ⬆️
10
💲price of latest iPhone goes ⬆️ Apple supplies more. 💲 price goes ⬇️ Apple supples less.
Law of Supply
Law of Products
Law of Demand
Law of Costs
