stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Supply and Demand Flashcards | StudBud
Explore
/
Supply and Demand
Supply and Demand
23 terms
·
StudBud Administration
·
86 plays
#Microeconomics #supplyanddemand
Flashcards
23 cards
F
Practice quiz
P
Host live
L
Questions
23
Answers
1
The place where supply meets demand is called ______________
Supply center
Market Price
Demand equilibrium
equilibrium
2
at what prices do you usually have a surplus?
above equilibrium
below equilibrium
equilibrium
market clearing price
3
According to the law of demand, as the price of hockey sticks decreases…
The demand for hockey sticks will increase
The quantity of hockey sticks demanded will increase
The demand for hockey sticks will fall
The quantity of hockey sticks demanded will decrease
4
When demand is greater than supply, you get a _____________
shortage
high cost
equilibrium
surplus
5
At what prices would you have a shortage?
anything over $10
above equilibrium
below equilibrium
equilibrium
6
When supply is greater than demand, you get a __________
equilibrium
good price
shortage
surplus
7
A technological advancement in production does what?
increases demand
increases quantity supplied
increases supply
decreases demand
8
If nothing else changes, a lower price will cause a __________
lower quantity demanded
higher quantity demanded
lower demand
higher quantity supplied
9
If the price of cameras goes down, what will happen to the demand for camera lenses?
You cannot answer the question with the current data.
It will stay the same
It will go down
It will go up
10
If demand for a product is inelastic this means that?
Substitutes are available for the product
People want to buy it
Demand is not affected by a change in price.
Demand is affected by a price change
11
The law of supply says producers will offer ________ of their product as price goes up
more
less
the same amount
12
Who dictates demand in a free market economy?
All of the Above
Consumer
Producer
Seller
13
If Sam stops drinking soda after 2 cans, what term does this best represent?
Monopolistic competition
Diminishing marginal Utility
Equilibrium price
Law of demand
14
The law of demand says that people will want to buy ________ of something as the price goes up
the same
more
less
15
who dictates supply in a free market economy?
Seller
Both B and C
Consumer
Producer
16
Which of the following will shift the demand curve for potato chips to the left?
An increase in the price of coca cola and hot dogs
An increase in the price of potato chips
A decrease in the price of tortillas
An increase in income, if potato chips are a normal good
17
The flow of goods and services from business to households primarily takes place in the???
Financial market
Product market
Factor market
Intermediary good market
18
Which sentence describes market conditions at equilibrium/market clearing price?
Demand is greater than supply
Supply and demand are equal
Supply is greater than demand
There is no supply or demand
19
Which of the following is not true of the concept of demand?
If the consumer has a want, there will be a demand for it
It shows how much consumers will purchase at various prices
It involves the buyer's side of the Market
It is expressed in terms of units of time
20
A good that is used in place of another good is?
Capital good
Substitute good
Consumer good
Complimentary good
21
With demand staying the same, if the supply of hot dogs reduced, what will happen to the price?
It will decrease
Not enough information to answer the question.
It will increase
It will stay the same
22
An increase in the number of consumers in the market place does what?
increases demand
decreases prices
reduces supply
increases supply
23
If nothing else changes, a higher price will cause a __________
A higher demand
A higher quantity supplied
both A and C
A lower quantity demanded
