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Supply and Demand Review Flashcards | StudBud
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Supply and Demand Review
Supply and Demand Review
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Review of Chapters 4 and 5 (Demand and Supply)
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What type of relationship do price and quantity supply have?
Indirect
Inverse
Direct
Dating
2
What will taxes do to the supply of an item?
Make it Disappear
Decrease it
Increase it
Shift right
3
What is considered to be the most influential nonprice factor of supply?
Taxes and Subsidies
Profit motive
Cost of inputs
Number of Sellers
4
When there is movement along the supply curve, what has changed?
Productivity
Price
Costs of Inputs
Demand
5
When people continue to buy a product even when the prices increase, the demand is said to be?
Elastic
Inelastic
Universal
Equal
6
Technology will almost always make the supply of an item do what?
Shift Demand Curve
Increase
Upward Slope
Decrease
7
What is a cause or reason for the law of demand?
Substitution Effect
Substitute Goods
<p>Consumer Income</p>
Profit Motive
8
The amount of satisfaction a consumer receives from a product is known as?
Utility
Diminishing Supply
Equilibrium
Marginal
9
Government Regulations will cause the supply curve to?
Increase
Shift Right
Show Movement along the Curve
Shift Left
10
How many nonprice factors of supply are there?
5
Varies
8
13
11
An increase or decrease in purchasing power caused by changes in price in known as?
Demand Curve
Consumer Income
Income Effect
Substitution Effect
12
What is considered the most important nonprice factor of demand?
Consumer Income
Price of Related Goods
Income Effect
Taste and Preferences
13
How many nonprice factors of demand are there?
5
4
8
3
14
When consumers buy tacos at a cheaper price instead of cheeseburgers that they like the same...
Substitution Effect
Taco Tuesday
Consumer Income
Income Effect
15
What would cause a shortage in the market?
Price above equilibrium
Price below equilibrium
Market Equilibrium
Price Floor
16
What is the cause or reason for the Law of Supply?
Profit Motive
Income Effect
Consumer Income
Substitution Effect
17
What is it called when prices increase, but product satisfaction decreases?
Diminishing Marginal Utility
Substitution Effect
Sprite Consumption
Income Effect
18
What type of relationship do price and quantity demanded have?
Loving
Inverse
Indirect
Direct
19
What is the purpose of a Price Floor?
Create a Black Market
Protect the seller
Create a Shortage
Make it more affordable for the consumer
20
Why would a product have an elastic demand?
Many Substitutes
Urgent
Necessary
Crusin' Grand
