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Duplicate of Supply & Demand Flashcards | StudBud
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Duplicate of Supply & Demand
Duplicate of Supply & Demand
24 terms
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StudBud Administration
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Introductory review of supply and demand changes
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
After a heavy snowfall, the demand for snow shovels
increase
decrease
The quantity demanded increased
The quantity supplied increased
2
The Law of Demand says that :
As Price goes up, quantity demanded remains the same
As price goes up, quantity demanded goes up
As price goes up, quantity demanded goes down
As price goes up, the quantity supplied goes up
3
One of these things is not like the others
Preferences
Technology
# of Consumers
Price of Complements
4
The demand and supply schedule shows:
The same information as a supply and demand graph
Price that everyone would pay
Profit of loss of a business
Demand prices and quantities, but not supply
5
If the price of hot chocolate increases,
The demand for marshmallows is unchanged
The demand for ice cream increases
The demand for marshmallows increases
The demand for hot tea increases
6
A change in Price causes a change in
Demand
Technology
quantity supplied
Supply
7
The following is not a determinant of Demand
Price of Substitutes
Taste
Technology
# of Consumers
8
A decrease in the price of peanut butter would most likely increase the demand for
Electricity
Coffee
Jelly
Ham
9
Marshmallows and hot chocolate are:
Inferior Goods
No relationship
Complements
Substitutes
10
A change in Price causes a change in :
Substitutes
Quantity Demanded
# of Consumers
Demand
11
An increase in the price of pizza will lead to an increase in which of the following?
the supply of pizza
the demand for flour
the supply of coca cola
the supply of calizones (substitute)
12
During a recent snow/ ice storm, the demand for netflix
increase due to an increase in consumer taste
decreased due to a lack of preference
increased to an increase in supply of netflex
decreased
13
The Law of Supply is
A direct relationship
based on consumers behavior
says that when price goes up, demand goes down
An inverse relationship
14
The following is a determinant of Demand
Income
Subsidies
Taxes
# of Suppliers
15
How many of Jersey Mike's Subs a person demands depends on:
The price of the Subs
How long the line is.
How good the french fries are
The price of cokes
16
Demand is downward sloping due to :
The number of consumers
The substitute and complement effect
the income and substitute effect
Inferior and normal goods
17
If the price of sleds increases,
The demand for snow suits increases
The demand for snow suits decreases
The snow sharks eat more kids
Price does not change demand, so no change
18
A decrease in the price of butter would most likely decrease the demand for:
margarine
bagels
syrup
jelly
19
Which of the following would increase demand for a normal good? A decrease in:
Price of a Substitute
Price
Price of a Complement
Income
20
An increase of wages will lead to a:
decrease in demand
Increase quantity demanded
increase in Supply
decrease in Supply
21
During a power outage during a storm, the demand for candles
decrease, due to inferior goods
increases due to income, normal goods
decreases due to consumer preferences
increases to consumer preferences
22
For many people, Spam is a
a complement
a substitute
an inferior good
normal good
23
One of the following is not a determinant of Supply:
Price of other goods
# of consumers
# of sellers
technology
24
The magic point where supply and demand connects is
equilibrium
Adam Smith land
a price floor
a price ceiling
