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Supply and Demand
Supply and Demand
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Junior Cert Supply and Demand Business Studies
Flashcards
44 cards
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Questions
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Answers
1
A graphical representation of a supply schedule is
demand curve
law of demand
law of supply
supply curve
2
Price changes shift the demand curve
True
False
3
A table showing the quantities demanded for a good at various prices is a
demand schedule
factors affecting demand
law of demand
demand curve
4
At what price will 7 units be supplied to the market?
$5
$2
$4
$7
5
Is the picture a demand Curve or demand schedule
Demand Curve
Market schedule
6
What is the equilibrium price?
$4
$2
$7
$5
7
When the supply curve shifts, it changes the ____ and _____ of the equilibrium
demand, supply
price, supply
quantity, demand
price, quantity
8
Price has increased causing the supply curve to shift to the left.
False
True
9
What label do you put on the x axis of a supply/demand curve (the horizontal axis or left/right axis)
Supply
Quantity
Price
Demand
10
What Causes a shift in the Demand
All of the above
Consumer Expectations
income
Consumer Tastes & Advertising
11
Locate the equilibrium
The supply line
The quantity
The demand line
Where all the lines meet in the middle
12
Who determines demand?
Sellers
Buyers
13
The equilibrium price and quantity would be...
P= $5, Q=5
P=$5, Q=6
P = $5, Q= 4
P= $6, Q= 5
14
The quantity of goods/services consumers are willing to buy at various prices over a period of time is:
Demand
Supply
15
The quantity of goods/services available to consumers to buy at various prices over a period of time is:
Supply
Demand
16
Quantity in the context of the supply curve means..
The price that sellers want to sell as
The amount that's supplied by the business
The amount consumers are buying
The price that consumers want to buy as
17
A demand curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
18
What happens when the supply is high and the demand is low?
The Prices tend to fall
You have the equilibrium
The Prices tend to increase
Prices go crazy and have a party
19
A decrease in demand is shown graphically by
A shift to the left in the demand curve
A shift to the right in the demand curve.
A movement up
A movement down
20
Which of the following is not a factor affecting supply ?
Technology
Government actions
Income
prices of other goods
21
Which of these factors may cause a shift in the demand curve?
A change in the size of the population
Good or bad publicity
All of the above
A change in trends and fashions
22
A shift in the supply curve to the rights means:
the amount producers wish to sell at every price is the same
All of the above
the amount producers wish to sell at every price increases
the amount producers wish to sell at every price decreases
23
When Creating a supply and demand curve how do you label each axis?
X=Price Y= number of sellers
X=Quantity Y=Price
X= number of buyers Y=number of sellers
X=Quantity Y= number of buyers
24
Demand is the quantity of a good or service that buyers...
no clue...
will buy at different prices
will destroy at different rates
will sell at different prices
25
Which of the following is not a factor affecting demand?
Tastes and preferences
Number of producers
Income
Price of complements
26
Where supply and demand curves meet is known as:
coincide
equilibrium
connection
equal
27
The law of demand states
As prices increase, supply increases
As prices increase, demand increases
As prices increase, supply falls
As prices increase, demand falls
28
Equilibrium price is where the demand of a product/service is equal to the supply of a product/service.
False
True
29
what would happen on a supply and demand curve if a tax was put on materials?
the supply curve would shift to the right
the demand curve would shift to the right
the supply curve would shift to the left
the demand curve would shift to the left
30
What happens when the Supply is low and the demand is high?
The price increaces
The price decreases
31
A shift in the supply curve to the left means:
quantity producers offer at every price will be high.
quantity producers offer at every price stays the same.
quantity producers offer at every price will be less.
none of the above
32
At price of $2 what is the quantity supplied?
2 units
7 units
5 units
4 units
33
Consumer Tastes has an effect on product demand
True
False
34
What is the equilibrium quantity?
4 units
7 units
2 units
5 units
35
What label do you put on the y axis of a supply/demand curve (the vertcial axis or up/down axis)
Price
Quantity
Supply
Demand
36
At price of $2 what is the quantity demanded?
4 units
5 units
8 units
2 units
37
Market Equilibrium is when the demand curve?
Meets the Supply Curve
Is at its lowest value
Is at its highest value
When there is a steady supply
38
A supply curve is
negative sloping (downwards from top left to bottom right)
positive sloping (upwards from bottom left to top right)
39
Changes in price shift the supply curve, no matter what they are
False
True
40
A graphical representation of a demand schedule is
law of supply
law of demand
supply curve
demand curve
41
What does a demand curve show
The products
Amount buyers negotiate on
amount the buyers are willing to purchase from the price
Nothing
42
A table showing the quantities supplied of a good at various prices is a
law of supply
factors affecting supply
supply schedule
supply curve
43
If the demand curve shifts to the left there has been an increase in demand.
True
False
44
The law of supply states
As prices increase, demand increases
As prices increase, supply increases
As prices increase, supply falls
As prices increase, demand falls
