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unit 3 supply and demand Flashcards | StudBud
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unit 3 supply and demand
unit 3 supply and demand
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Answers
1
What happened to EQ and EP after the supply shift?
Price and quantity both went down
price went down and quantity went up
Price and quantity both went up
Price went up and quantity went down
2
If both the supply and demand curves shift to the right there will be:
a decrease in EQ and a change in EP would be indeterminate
An increase in EQ and a change in EP would be indeterminate
an increase in EQ and a decrease in EP
a decrease in EQ and an increase in EP
3
Which good has inelastic demand?
gum
apples
sugar
toothpaste
4
Which situation best illustrates equilibrium?
The price of apples does not vary from week to week.
the #of apples for sale equals the #of apples consumers buy
The price of apples varies from week to week.
Everyone who wants apples can afford to buy them.
5
Quantity supplied moves along the supply curve in response to a change in
elasticity
preferences
income
price
6
The degree to which quantity supplied or demanded responds to a change in price is called:
Utility
Revenue
Marginal cost
Elasticity
7
How are the market equilibrium quantity and price determined?
calculated by an economist
in response to the laws of supply & demand
set by the government
decided by the producer
8
if a price decrease for hot dogs causes an increase in demand for buns, then they are:
substitute Goods
complementary goods
rationed goods
black market goods
9
what happens in a market when a price control is implemented?
there is pressure on price to reach equilibrium
supply will shift
equilibrium is reached
demand will shift
10
The point where quantity supplied = quantity demanded is called:
elasticity
surplus
schedule
equilibrium
11
Price ceilings cause:
revenue
surplus
shortage
equilibrium
12
When price goes up quantity supplied goes up
elasticity
law of supply
inelasticity
law of demand
13
on a supply & Demand curve "X" marks the spot of:
surplus
shortage
disequilibrium
equilibrium
14
At McDonald's a sharp increase in the price of hambugers may lead to an increase in demand for:
french fries
chicken nuggets
apple slices
milkshakes
15
The result of a price floor is a shortage
True
False
16
a product that satisfies the same basic want of another product is a...
incentive
complementary good
subsidy
Substitute good
17
which of the following would most likely decrease the supply of tennis balls?
a decrease in the cost of inputs
a government subsidy
an increase in supply of bowling balls
a government excise tax
18
which of these might best signal lego makers to cut back on production
everything at the factory is not awesome
price consumers are willing to pay decreases
inputs cost less
introduction of a new competitor in the market
19
according to the law of demand, what happens when quantity demanded goes up?
incomes decrease
incomes increase
prices decrease
prices increase
