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Microeconomics - Supply and Demand Flashcards | StudBud
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Microeconomics - Supply and Demand
Microeconomics - Supply and Demand
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Answers
1
Market equilibrium means:
Supply > Demand
Supply X Demand
Supply < Demand
Supply = Demand
2
Which fits the law of supply?
Price decreases, quantity supplied increases
Price increases, quantity supplied shifts right
Price decreases, quantity supplied shift left
Price increases, quantity supplied increases
3
A company switched from mac to PC, saving 5% in production cost. This would shift supply:
No where
Right
Left
N/A
4
What happens when the price of a good increases?
the quantity supplied increases
The quantity demanded decreases
The supply increases
The demand decreases
5
Improvements in technology usually shift the supply curve:
Up
Right
Both
Left
6
When too many goods were made and not enough consumers will buy them at the current price, there is a supply:
Yolo
Shortage
Bonus
Surplus
7
The demand curve slopes
Top right to bottom left
Bottom left to bottom right
Top left to top left
Top left to bottom right
8
Expected Future Prices: Moving into spring from winter, demand for snow shovels is likely to:
Decrease
Stay the same
Increase
But what about trench shovels?
9
Demographics: A huge population increase will cause which shift in the demand curve for all products?
Down
Left
Right
Triangle
10
Which fits the law of demand?
Price increases, quantity demanded increases
Price decreases, quantity demanded shifts left
Price decreases, quantity demanded shifts right
Price increases, quantity demanded decreases
11
An increase in the Eqilibrium Price helps the:
Consumer
Communist
Bernie Sanders
Producer
12
Consumer Income: A decrease in a population's income can cause demand for normal goods to:
Decrease
Increase
Stay the same
Die
13
Demand increase means a shift to the:
Left
Swerve
Down
Right
14
A decrease in the Eqilibrium Price helps the:
Child stuck in an Indonesian sweatshop
Chairman Mao
Producer
Consumer
15
When input cost increases, the supply curve:
Decreases
Stays the same
Increases
Commits Seppuku
16
When not enough goods were made to match the amount of demand at the current price, there is a supply:
12
Surplus
this is not the right answer
Shortage
17
When Amazon kills off it's competitors, what SHOULD happen to their supply curve?
Stay the same
Decrease
Gain moral standing
Increase
18
The supply curve slopes:
Top left to bottom right
Bottom right to top right
Left top to top bottom
Bottom left to top right
19
Supply decrease means a shift:
Left
Right
3 lefts
Down
20
Substitutes: A competitor's good has its price increased, causing demand for your good to:
Increase
Decrease
Stay the same
Die