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Economics Honors-Unit 2 Supply and Demand Flashcards | StudBud
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Economics Honors-Unit 2 Supply and Demand
Economics Honors-Unit 2 Supply and Demand
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Answers
1
Which of the following goods would be considered a complementary good to flashlights?
Batteries
Candles
Floodlights
Binoculars
2
The below table shows total variable cost and total cost, what is the fixed cost of producing the 3rd unit?
$40
$18
$20
$30
3
The demand for strawberry ice cream tends to be relatively elastic because:
For most, there are close substitutes
For most, there are no close substitutes
It costs so little
For most people it is considered a necessity
4
satisfaction or fulfillment that a consumer receives through the consumption of a specific good or service
Total Revenue
Total Utility
Marginal Utility
Marginal Revenue
5
The result of the Price Ceiling imposed on the market would be:
Equilibrium of $20 will remain in place
Shortage of 56 apartments
Surplus of 56 apartments
A shortage of 100 apartments
6
At a price of $10, the quantity demanded of pizzas is 100 and the quantitiy supplied is 150. Which is true?
The equilibrium price of pizza is above $10-creating a surplus
The quantity of pizzas sold will be 150
The pizza market is in equilibrium
There is a shortage of pizza
7
The market for O.J. is equlibrium, if a reputable doctor states drinking O.J. will increase your life span, demand:
Shifts Right
No change to the market
Shifts down
Shifts Left
8
Profit Maximizing occurs when:
Marginal Revenue = Marginal Cost
Total Cost = Fixed Cost
Supply = Demand
When profits reach over $100,000
9
A minimum price that the government guarantees farmers will receive for a crop is an example of a:
Price Ceiling
Price Floor
A Fad
An Excise Tax
10
the satisfaction a consumer receives from consuming one additional unit of a good or service
Total Utility
Marginal Utility
Total Revenue
Marginal Revenue
11
Which of the following is an example of a black market?
a person sells medical marijuana to a person without a perscription
Purchase of generic ceral at a grocery store
Negotitating a lower price when buying a car from a dealership
Waiting in line during the gasoline shortage of 1970
12
Recently, several new fast-food restuarants are built in an area. Which of the following is a result of the development?
The supply of the good decreases
The supply curve shifts to the left
The price of the good increases
The supply curve shifts to the right
13
What is the best example of a fixed cost that a restaurant might incur?
The hourly wages it pays its servers
The rent it pays for leasing its building
The electricity bill it pays monthly
Total amount it pays for beef to make steaks
14
Which of the following accurately describes the relative elasticity of demand for the product shown below?
Demand is elastic because there are no substitutes
Demand is inelastic because it is a necessity
Demand is inelastic because it is a luxury item
Demand is inelastic; it makes up a large share of bmost people's budget
15
Which of the following will increase the demand for pizza, which is a normal good?
An increase in the cost of producing pizza
A decrease in the price of pizza
An increase in the price of soda, which is a complementary good for pizza
An increase in consumers' income
16
Why does the rising cost of headphones provide an incentive for companies to produce headphones?
Reduction of federal tax obligations
Increase in profits
Expansion of the workforce
Decrease in government regulations
17
Below you will find a market demand curve, at a price of $40, the market demand is:
17
22
10
25
18
If a hurricane reduced the crab poluation, the price and quantity sold in the market would change to reflect?
Price Increases; Quantity Increases
Price Increases; Quantity Decreases
Price Decrease; Quantity Decrease
No Change
19
The law of demand states, other things equal:
As the price decreases, the demand will decrease
As the price decreases, the demand curve will shift to the right
As price increases, the quantity demanded will decrease
As the pricqe increases, the quantity demaned will increase
20
The market equlibrium price for the table below would be:
$5
$10
$15
$20
