If the price of something goes down...

quantity demanded will increase

All are reasons for a shift in demand EXCEPT

price change of the good/service

An inferior good is what you....

buy more of when your income goes down

consumers demand is not sensitive to a change in price

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Supply/Demand

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Questions 22

Answers

1
if you expect the price of a good rise (ex-Gas will go up next week)...
demand will not change
current demand will drop
current demand will remain stable
current demand will rise
2
A price ceiling is the minimum price that seller can charge
False
True
3
You have the $ and want to buy stuff...you created
elasticity
price ceiling
supply
demand
4
This is called a...
demand curve
supply curve
5
If the price of something goes down...
the demand will increase
the demand will decrease
quantity demanded will decrease
quantity demanded will increase
6
Gasoline is an example of an elastic good
True
False
7
If supply is higher than demand then what will happen (think surplus)?
the price will rise
the good is discarded
the price will drop
price remains unchanged
8
This shows a...
shortage
price floor
equilibrium
price ceiling
9
All are reasons for a shift in demand EXCEPT
tastes/popularity
population
income
price change of the good/service
10
Law of supply says as price goes up
quantity supply will go down
quantity supply will go up
quantity supply will stay the same
quantity supply will hit equilibrium
11
A toothbrush and toothpaste are...
substitute goods
complimentary goods
good for stopping osteoporosis
inferior goods
12
All of the following would decrease supply EXCEPT
consumers leave the market
loss of resources
sellers leave the market
higher taxes
13
when supply and demand MEET
surplus
shortage
Equilibrium
demand
14
Minimum wage (price floor) might cause...
employers to fire everyone because of shortage
employers break the law
there will be no change
a surplus of employees
15
An inferior good is what you....
buy instead of something else
buy more of when your income goes up
buy more of when your income goes down
buy with something else
16
goods that are usually bought together
substitute goods
normal goods
complimentary goods
inferior goods
17
This shows a shift (increase) in demand which happens because of price.
False
True
18
inelastic means...
there are no available substitutes
consumers demand is sensitive to a change in price
There are too many complimentary goods
consumers demand is not sensitive to a change in price
19
The law of demand states that when prices decrease the quantity demand will increase
False
True
20
This shows a change in...
supply
quantity supplied
quantity demanded
demand
21
rent control is an example of...
equilibrium
price ceiling
price floor
demand
22
price is MOST determined by...
the quality of goods
availability of substitute goods
how much the government rations and subsidizes
supply and demand

Supply/Demand Flashcards | StudBud