The height of the supply curve represents

the marginal cost of production

A farmer can produce soybeans and corn. If the price of soybeans rises,

The supply of corn will decrease

Why do demand curves have a negative slope?

People seek ways to satisfy their demand at lower cost

Sam is willing to sell his house for $200,000. The market price of his home is $350,000.

His producer surplus is $150,000

A movement along a demand curve is caused by

a change in the price of the good

Producer surplus is located

above the supply curve and below the price

The height of the demand curve represents

the marginal value of a particular unit

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Supply and Demand

15 termsStudBud Administration32 plays

Supply and Demand

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
The height of the supply curve represents
the marginal benefit of production
the total cost of production
the total benefit of production
the marginal cost of production
2
All of the following are supply shifters except
Price of an alternative product
Price of complementary goods
Cost of Inputs
Taxes
3
If income decreases, the demand for an inferior good
will remain unchanged
will decrease
will increase
4
I don’t have another question
The
Guess
Right
Answer
5
A cookie was bought for $1 and can be resold for $0.01.How much of the cost is sunk?
$0.01
$0.99
$15
$0
6
Jay is willing to pay $30 for a book but the price is $40. What is his consumer surplus?
$10
0
-$10
$30
7
A farmer can produce soybeans and corn. If the price of soybeans rises,
The supply of soybeans will decrease
The supply of soybeans will increase
The supply of corn will decrease
The supply of corn will increase
8
If buyers expect the price of a good to rise in the future, they will
Quantity demanded will increase today
Quantity supplied will increase today
Supply will increase today
Demand will increase today
9
Why do demand curves have a negative slope?
People seek ways to satisfy their demand at lower cost
As prices rise, quantity demanded falls
That's just the way it is
As prices rise, quantity supplied falls
10
Sam is willing to sell his house for $200,000. The market price of his home is $350,000.
His consumer surplus is $150,000
His producer surplus is -$150,000
His producer surplus is $150,000
His producer surplus is 0
11
A movement along a demand curve is caused by
a change in the price of the good
a change in tastes and preferences
a movement in a supply curve
yall see that boy
12
Which of the following would increase the demand for a normal good?
Rise in price of substitute
A fall in price of the good itself
Fall in price of substitute
A fall in income
13
Producer surplus is located
below the supply curve and above the price
above the supply curve and below the price
below the demand curve and above the price
above the supply curve and above the price
14
If the price of cereal rises, this will cause
An increase in demand for milk
A mooo_vement along the demand curve for milk
A decrease in demand for milk
a shift in the demand curve for cereal
15
The height of the demand curve represents
the marginal cost of a particular unit
the total cost of all units
the marginal value of a particular unit
the total value of all units

Supply and Demand Flashcards | StudBud

Supply and Demand

15 termsStudBud Administration32 plays

Supply and Demand

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
The height of the supply curve represents
the marginal benefit of production
the total cost of production
the total benefit of production
the marginal cost of production
2
All of the following are supply shifters except
Price of an alternative product
Price of complementary goods
Cost of Inputs
Taxes
3
If income decreases, the demand for an inferior good
will remain unchanged
will decrease
will increase
4
I don’t have another question
The
Guess
Right
Answer
5
A cookie was bought for $1 and can be resold for $0.01.How much of the cost is sunk?
$0.01
$0.99
$15
$0
6
Jay is willing to pay $30 for a book but the price is $40. What is his consumer surplus?
$10
0
-$10
$30
7
A farmer can produce soybeans and corn. If the price of soybeans rises,
The supply of soybeans will decrease
The supply of soybeans will increase
The supply of corn will decrease
The supply of corn will increase
8
If buyers expect the price of a good to rise in the future, they will
Quantity demanded will increase today
Quantity supplied will increase today
Supply will increase today
Demand will increase today
9
Why do demand curves have a negative slope?
People seek ways to satisfy their demand at lower cost
As prices rise, quantity demanded falls
That's just the way it is
As prices rise, quantity supplied falls
10
Sam is willing to sell his house for $200,000. The market price of his home is $350,000.
His consumer surplus is $150,000
His producer surplus is -$150,000
His producer surplus is $150,000
His producer surplus is 0
11
A movement along a demand curve is caused by
a change in the price of the good
a change in tastes and preferences
a movement in a supply curve
yall see that boy
12
Which of the following would increase the demand for a normal good?
Rise in price of substitute
A fall in price of the good itself
Fall in price of substitute
A fall in income
13
Producer surplus is located
below the supply curve and above the price
above the supply curve and below the price
below the demand curve and above the price
above the supply curve and above the price
14
If the price of cereal rises, this will cause
An increase in demand for milk
A mooo_vement along the demand curve for milk
A decrease in demand for milk
a shift in the demand curve for cereal
15
The height of the demand curve represents
the marginal cost of a particular unit
the total cost of all units
the marginal value of a particular unit
the total value of all units