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Duplicate of Demand and Supply Review Flashcards | StudBud
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Duplicate of Demand and Supply Review
Duplicate of Demand and Supply Review
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Questions on graphing the #demandcurve and #supplycurve #economics
Flashcards
31 cards
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Questions
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Answers
1
Which graph shows the effect on demand due to a decrease in # of buyers?
Graph D
Graph C
Graph B
Graph A
2
To show a decrease in demand you would:
shift right
shift left
can't tell
move along
3
Which Graph shows an increase in QUANTITY Demanded?
Graph B
Graph C
Graph D
Graph A
4
Which of the following is NOT a factor that causes demand to shift?
price of related goods
income
preference
price
5
The Law of Demand states that the relationship between price and quantity demanded is
elastic
Inverse
Direct
diminishing
6
If there is a large change in price, but quantity doesn't change much demand is...
Inelastic
Elastic
7
If one takes the place of the other apples and oranges might be considered
complimentary goods
inferior goods
substitute goods
normal goods
8
A supply schedule is made up of
quantity and supply
quantity and price
quantity and demand
supply and demand
9
If a products production cost decreases what happens to the supply curve?
the point slides downward along the curve
the point slides upwards along the curve
shifts left
shifts right
10
How do you show a change in price only?
shift right
shift left
can't tell
move along
11
Which graph shows a decrease in Quantity demanded?
Graph B
Graph D
Graoh C
Graph A
12
Law of supply states as the _______ increases the quantity supplied increases.
Price
number of buyers
Demand
Supply
13
A place where all transactions are made is called a _________________.
telephone
internet
store
market
14
What happens to demand if the price of a product increases?
It decreases or shifts left
It slides along the curve, increasing quantity demanded
It increases or shifts to the right
It slides along the curve, decreasing quantity demanded
15
Dr. Thunder is an example of a:
Normal good
Superior good
Neutral good
Inferior good
16
Government wants more solar power. It gives subsidies. Which supply curve shows result?
C
A
D
B
17
If the price of a substitute good increases, what happens to the demand for its competition?
decreases
increases
nothing
18
Which graph shows the effect on demand due to an increase in the # of buyers?
Graph B
Graph C
Graph D
Graph A
19
Which graph shows the change in demand for a normal good due to a decrease in buyer's Income?
Graph A
Graph D
Graph B
Graph C
20
Peanut Butter and Jelly are examples of :
Veblen goods
Complementary goods
Substitute goods
Inferior Goods
21
Identify the formula for elasticity of demand.
% change in price/ %change in quantity supplied
%change in price/%change in quantity demanded
%change in quantity supplied/%change in price
%change in quantity demanded/%change in price
22
A tangible thing that gives satisfaction or enjoyment.
Phone
Supply
Good
Service
23
To have demand you must have these two things.
market and money
price and quantity
willingness and ability
willingness and quantity
24
Taxes are raised. Which supply curve shows what will happen to the supply of the product.
A
B
C
D
25
An intangible thing that gives satisfaction or enjoyment.
Auction
Supply
Good
Service
26
To show an increase in demand you would:
move along
shift left
can't tell
shift right
27
More satisfaction I get from a good, I will
not buy it.
borrow it from my friend.
pay less.
pay more.
28
If quantity changes a lot due to a small change in price, demand is...
Elastic
Inelastic
29
This will never cause a shift in supply or demand.
Number of Sellers
Income
Price
Resource Prices
30
The relationship between price and quantity in the law of supply is
Direct
Inverse
Inelastic
Ascending
31
How does a decrease in the price of a compliment good affect another product?
decreases its price
decreases its demand
increases its demand
increase its price
