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Economics 1 Flashcards | StudBud
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Economics 1
Economics 1
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Demand And Supply
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
The law of demand states as the price increases
The consumer demand decreases
The consumer demand remains the same
The consumer demand increases
The consumers are demanding
2
Where supply and demand curves meet is known as:
equilibrium
coincide
connection
equal
3
The demand curve shifts to the ___________ when there are changes to factors for demand.
right
left
up
down
4
how does supply and demand determine equilibrium price and quantity
The price is unrelated to the good in question
The price makes the quantity demanded impossible to reach
The price doesn't determine equilibrium
price makes quantity demanded equal to quantity supplied
5
If price rises what is likely to happen to supply?
Extends
Stays the same
Decreases
Contracts
6
Which of these factors may cause a shift in the demand curve?
Good or bad publicity
All of the above
A change in trends and fashions
A change in the size of the population
7
Supply and demand are:
are factors of production
a straight line with constant gradient
in a never changing equilibrium
fundamental forces in a free market economy
8
Factors which affect demand
Are difficult to pronounce
Are of interest to consumers
Are of interest to suppliers
Are often written in Chinese
9
Who determines demand?
Buyers
Sellers
10
Which of the following is a demand determinant?
Income of buyers
Equilibrium
expectations
Price of a good or service
11
Quantity in the context of a demand curve means..
The amount that consumers are buying
The price that sellers are selling at
The price that consumers are buying at
The amount that businesses are selling
12
What happens to the supply curve when the number of sellers decrease?
No change
It goes left
No change
It goes right
13
The demand line slopes
straight across
downwards left to right
upwards left to right
upwards right to left
14
Factors which affect supply
Are of interest to consumers
Are of interest to suppliers
15
What are the variable(s) in Law of Supply and Demand?
No variables
Quantity and Price
Quantity
Price
16
Law of supply
P up, Qs down
P up, Qs up
17
Quantity in the context of the supply curve means..
The price that sellers want to sell as
The price that consumers want to buy as
The amount that's supplied by the business
The amount consumers are buying
18
A shift in the supply curve to the rights means:
All of the above
the amount producers wish to sell at every price is the same
the amount producers wish to sell at every price decreases
the amount producers wish to sell at every price increases
19
Where supply and demand curves meet is known as:
equal
connection
equilibrium
coincide
20
Price has increased causing the supply curve to shift to the left.
False
True
21
Supply and demand refers to the idea that...
The more food you have, the more you can eat.
Farming, crops, & cattle
Going to college.
The availability of a product, and the need for the product
22
When supply increases, demand also increases
False
True
23
If the demand curve shifts to the left there has been an increase in demand.
True
False
24
Law of demand
P up, Qd down
P up, Qd up
25
which out of the following is a supply determinant
Price of resources
Number of sellers
Number of resources
Equilibrium
26
What does a demand curve show
The products
Amount buyers negotiate on
amount the buyers are willing to purchase from the price
Nothing
27
What is Demand?
An order
A problem of society
Amount of a product that someone is willing and able to pay
The amount of resources supplied
28
Who determines supply?
Sellers
Buyers
29
A shift in the supply curve to the left means:
none of the above
quantity producers offer at every price will be high.
quantity producers offer at every price will be less.
quantity producers offer at every price stays the same.
30
what is a determinant of supply
Expectations
Price of related good
Taste/Preference
Govt. intervention
