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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
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supply and demand
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The price of tacos goes up, a taco restaurant makes more tacos. This is an example of
law of returns
law of supply
law of the land
law of demand
2
Which of the following will not affect supply?
change in weather
change in price of good
change in future price expectation
change in production cost
3
When demand shifts left
demand decreases
supply increases
supply decreases
demand increases
4
Are you ready for the test?
Can we go back to talking about goods and services?
No!
Yes!
I'm so confused!
5
If the market is above equilibrium we have a what?
supply
demand
surplus
shortage
6
The reason electricity shifts the least is because it is the least
supplied
elastic
demanded
plastic
7
When supply shifts right
supply decreases
demand increases
supply increases
demand decreases
8
If the quantity demanded for ice cream decreases, this is because
price has increased
demand shifts right
supply shifts left
price has decreased
9
What is it called where the supply meets the demand
shifters
midpoint
equilibrium
factors of production
10
Which of the following would not shift the demand curve for chicken?
increase in income of chicken consumers
price of chicken drops
a new study shows chicken makes you live longer
price of beef rises
11
If you know the price for tvs will be cheap on black Friday, what will happen to market today?
demand goes down
demand will shift right
demand will shift left
demand goes up
12
What happens if a terrible infestation of locusts destroys potato crops?
demand shifts right
demand shifts left
supply shifts right
supply shifts left
13
Which direction does a curve shift to indicate decrease?
right
down
left
up
14
If national income decreases by 20%, which of the following happens to sales?
opera tickets shift right
ramen noodles shifts right
prime rib shifts right
diamonds shifts right
15
In the market for acorns: walnuts, a substitute has dropped in price.
demand shifts left
supply shifts left
demand shifts right
supply shifts right
16
If we have a shortage we have more
demand than supply
supply than demand
this one is wrong
stop reading answers
17
If the price of ice cream goes down and cake sales go up these are what?
determinant good
substitute good
complimentary good
binary good
18
What will we see the least change in quantity demanded with an increase in price?
meals at restaraunts
video games
electricity
expensive shoes
19
If quantity demanded is increased
supply line shifts right
demand line shifts right
a movement along the line moving right
demand line shifts left
20
If people suddenly start to make more peanut butter
demand goes down
demand goes up
supply goes down
supply goes up
