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The Law of Supply and Demand Flashcards | StudBud
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The Law of Supply and Demand
The Law of Supply and Demand
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A Review for our Supply and Demand Quiz
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
What happens to the demand for hockey tickets if the price is decreasing?
The demand will decrease.
Demand stays the same.
The demand will increase.
2
What happens to the supply and demand of tropical fish after the price starts to increase?
Supply is increasing, demand is increasing
Supply is increasing, demand is decreasing
Supply is decreasing, demand is increasing
Supply is decreasing, demand is decreasing
3
A painting that costs 1,000,000 dollars is an example of a high ________________.
Price
Demand
Supply
4
The demand for umbrellas have hit a new low, what will happen to the price?
Price will stay the same
Price will decrease
Price will increase
5
What is the demand like before a price decrease?
Demand is low
Demand is high
6
What happens to the demand for hockey tickets if the price is increasing?
The demand will increase.
The demand will decrease.
Demand stays the same.
7
The price of labor means:
The cost of a good like a pencil
None of the above
The cost of a service like a haircut
How much an employee makes
8
What happens to the supply and demand of guitars after the price increases?
Supply increases, demand decreases
Supply increases, demand increases
Supply decreases, demand decreases
Supply decreases, demand increases
9
People going crazy over wanting movie tickets is an example of high_________________
Supply
Demand
Price
10
When do prices stop increasing or decreasing according to the Law of Supply and Demand?
When nobody can afford to buy the good or service
When there is a balance
When price is at zero
11
The demand for avocados is the same as the supply of avocados. What happens to the price?
Price will stay the same
Price will increase
Price will decrease
12
What happens to the supply and demand of CD's as the price decreases?
Supply increases, demand increases
Supply decreases, demand decreases
Supply decreases, demand increases
Supply increases, demand increases
13
What can happen to the economy if supply and demand are not trying to be balanced?
Impossible, can't happen
It can crash, goods and services don't reach consumers.
Not much, it happens all the time
14
A pile of apples sits on the shelf unsold. There is a high__________________ of apples.
Price
Demand
Supply
15
What happened to the price of chickens if the supply increased and the demand decreased?
Price stays the same
The price decreases
The price increases
16
What happens to the supply and demand of tropical fish after the price start to decrease?
Supply is increasing, demand is decreasing
Supply is increasing, demand is increasing
Supply is decreasing, demand is increasing
Supply is decreasing, demand is decreasing
17
The supply of umbrellas is really high at the moment, what will happen to the price?
Price will decrease
Price will stay the same
Price will increase
18
What do employers buy from people that labor for them?
Goods
A person
A person's service
19
What happens to the demand for corn if the price decreases?
The demand increases
Demand stays the same
The demand decreases
20
The demand for avocados is very low and the supply is very high. What will happen to the price?
Price will stay the same
Price will increase
Price will decrease
21
When looking for a high paying job, you should look for a career where:
Demand for people is high, supply is high
Demand for people is low, supply is low
Demand for people is high, supply is low
Demand for people is low, supply is high
22
What happens to the demand for corn if the price increases?
Demand stays the same
The demand decreases
The demand increases
23
People in STEM careers have a high wage or salary. Why?
Many people want to work in a STEM field.
Demand is low for labor
Demand is high for labor in a STEM career
The supply of people in STEM careers is high
24
What is the demand like before a price increase?
Demand is low
Demand is high
25
What happened to the price of chickens if the supply decreased and the demand increased?
The price decreased
Price stayed the same
The price increased
