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Unit 2 Review Changes in Supply and Demand Flashcards | StudBud
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Unit 2 Review Changes in Supply and Demand
Unit 2 Review Changes in Supply and Demand
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1
Quantity demanded moves ALONG the demand curve in response to changes in
expectations
income
price
preferences
2
What do the factors in STONER effect?
Factors of production
Supply
Demand
BITER
3
The law of supply says
P up S up
P up QS down
P up QS up
P up S down
4
What does the N stand for in STONER; shifting the supply curve
Number of other goods
Number of sellers
Number of resources
Number of subsidies
5
Factors that affect consumer DEMAND include:
factors of production and price of goods
price of substitute and/or complementary goods
labor, cost of production, capital
6
_______ is the change in demand caused by any variable except price.
Shift OF the demand curve
Movement along the demand curve
Movement along the supply curve
Supply Curve
7
Which type of demand is barely affected by the changes in cost/price?
Long-term Demand
Inelastic Demand
Autonomous Demand
Elastic Demand
8
To show an increase in overall demand you would:
move along the curve
shift left
unknown without more info
shift right
9
elasticity of supply
measure of the way quantity supplied reacts to a change in price.
amount a supplier is willing and able to supply at a certain price
chart that lists how much of a good a supplier will offer at dif prices
government payment that supports a business or market
10
A change in consumer income affects
demand
supply
11
Which of these is an example of a variable cost?
utility bills
rent payments
loan payments
internet service bills
12
What are some factors that affect the change OF demand?
Income, Consumer Tastes, Consumer Expectations, Substitute Goods
Taxes, Market Share, Consumer Hates, Inferior Goods
Income, Market Share, Consumer Hates, Consumer Predictions
Taxes, Sales, Consumer Wants, Inferior Goods
13
The things that are used to produce goods and services are called ____
quantity demanded
marginal utility
factors of production
demand
14
A minimum price set above the equilibrium price is a:
price floor
price ceiling
demand price
supply price
15
The reason that supply shifted to the left was due to:
number of buyers
Change in income
change in the popularity of the product
change in government policy
16
What does the S in STONER mean?
Sales
Salad
Subsides and Taxes
Supply and Taxes
17
A change in the cost of production affects
supply
demand
18
Fixed costs...?
are the costs are business pays out when first setting up
can also be called running costs
change depending on output
don't change depending on output
19
The equilibrium price and quantity would be...
P=$5, Q=6
P = $5, Q= 4
P= $5, Q=5
P= $6, Q= 5
20
Product with inelasticity of SUPPLY
t shirts
Potato Chips
Socks
Chickens
21
A change in demand based on the price change of a similar product is called the ...
Income Effect
Substitution Effect
Inferior Goods
Normal Goods
22
What would be created if price was $50? What would price do to return to equilibrium?
Surplus;Increase
Shortage;Increase
Shortage;Decrease
Surplus;Decrease
23
A shift in the supply curve to the left means:
quantity producers offer at every price will be high.
none of the above
quantity producers offer at every price stays the same.
quantity producers offer at every price will be less.
24
A drop in the price of burgers may lead to an increase in demand for
hot dogs
coleslaw
buns
apples
25
Which of the following is
not
one of the factors that cause a change in demand?
Number of buyers
Complements
Agriculture
Consumer tastes
26
A shift in the supply curve to the rights means:
the amount producers wish to sell at every price decreases
All of the above
the amount producers wish to sell at every price increases
the amount producers wish to sell at every price is the same
27
Does BITER apply to Supply or Demand?
Supply
Trick Question
Demand
28
Which of the following is not a determinant of supply?
Technology
Income
expectations of sellers
Resource price
29
Which of the following is a demand elasticity factor?
durability of a good
degree of necessity
consumer confidence
productive capacity
30
equilibrium price can never change.
True
False
31
A rise in the price of burgers may lead to an increase in demand for
hot dogs
buns.
relish.
coleslaw
32
A demand schedule can be shown on a(n)......
Graph
Scatter chart
axis
Pie chart
33
Consumer taste changes are one of the factors causing shifts in demand curves.
False
True
