A shortage of a good can be expected whenever

price of the good is below equilibrium price

How will a decrease in the price of hot dogs affect hamburgers?

demand will decrease and price will decrease

An increase in the price of Snickers will result in a(an)

decrease in demand for Snickers

Which of the following will NOT cause the demand curve for product A to shift?

change in price of B a compliment

Which of the following statements is true?

increase in income means demand for Kindles down

The reason that "Talk is cheap" is that

supply is much greater than demand

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Supply and Demand Quiz

14 termsStudBud Administration14,827 plays

effects of price, supply, demand using real-world (sort of) examples. #supplydemand #shortage #surplus

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Questions 14

Answers

1
A shortage of a good can be expected whenever
price of the good is above equilibrium price
price of the good is equal to equilibrium price
the good goes out of style
price of the good is below equilibrium price
2
How will a decrease in the price of hot dogs affect hamburgers?
demand will increase and price will increase
demand will decrease and price will decrease
demand will increase and price will decrease
demand will decrease and price will increase
3
An increase in the price of Snickers will result in a(an)
decrease in supply of Snickers
increase in demand for Snickers
decrease in demand for Snickers
4
An increase in price of hot dogs means decrease in demand for mustard. They must be
delicious
complimentary goods
independent goods
substitute goods
5
How will a decrease in average income affect inexpensive clothing from WalMart?
demand down and price up
demand down and price down
demand up and price up
demand up and price down
6
How will the roll-out of the new (and safer) Super Fuzzy Wuzzy affect demand for Fuzzy Wuzzy?
the old Fuzzy Wuzzys will attack and eat the new ones
demand will decrease
the old Fuzzy Wuzzys will feel neglected
demand will increase
7
If the price of Snickers goes up demand for Snickers goes down. This will result in
a further increase in the price of Snickers
a surplus of Snickers
a shortage of Snickers
Snickers in school lunches
8
Which of the following will NOT cause the demand curve for product A to shift?
change in the price of C, a substitute
increase in consumer income
change in price of B a compliment
change in the price of A
9
If the price of apple pie increases, the demand for ice cream (a compliment) will
increase and decrease at the same time
increase
be unchanged
decrease
10
An increase in the price of a product will cause
demand to decrease
supply to decrease
demand to increase
Sponge Bob to increase
11
Which of the following statements is true?
iPad price down means demand for Kindles (a sub.) up
iPad price increase means demand for iPad cases up
decrease in income means demand for Kindles down
increase in income means demand for Kindles down
12
What might cause an increase in the demand for Fuzzy Wuzzys?
advertising for Fuzzy Wuzzys
injuries to small children and pets swallowing Fuzzy Wuzzys
more substitutes for Fuzzy Wuzzys
increase in the price of Fuzzy Wuzzys
13
If the price of hamburgers decreases, the demand for hot dogs (a sub.) will
increase
decrease
remain unchanged
Sponge Bob
14
The reason that "Talk is cheap" is that
supply is much greater than demand
demand is much greater than supply

Supply and Demand Quiz Flashcards | StudBud