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Supply and Demand Review Flashcards | StudBud
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Supply and Demand Review
Supply and Demand Review
28 terms
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StudBud Administration
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A review of economics concepts for 12th grade students.
Flashcards
28 cards
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Practice quiz
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Host live
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Questions
28
Answers
1
Situation in which quantity supplied is greater than quantity demanded.
surplus
utility
supply
shortage
2
The more you have of something, the less satisfaction you get from additional units
price elasticity
law of equilibrium
law of demand
law of diminishing marginal utility
3
Legal maximum price that may be changed for a particular good or service.
rationing
surplus
price ceiling
elasticity
4
You may buy 12 chicken nuggets, but you likely would not buy 100 chicken nuggets due to
the diminishing price of chicken nuggets
the diminishing supply of chicken nuggets
diminishing intestinal fortitude
diminishing marginal utility
5
Which of the following does NOT influence demand for a good or service?
real income effect
diminishing marginal utility
substitution effect
the pirate treasures paradox
6
The demand for typewriters is nearly non-existent today due to a change in...
the price of typewriters
technology
population
the supply of typewriters
7
The graph represents a...
decrease in supply
decrease in demand
increase in supply
increase in demand
8
The graph below represents a...
increase in demand
decrease in demand
increase in supply
decrease in supply
9
Determinants of demand include all of the following EXCEPT
price of inputs
changes in population
changes in tastes and perferences
changes in income
10
Determinants of supply include all of the following EXCEPT
taxes
complimentary goods
# of firms in the industry
technology
11
Situation in which the quantity demanded is greater than the quantity supplied.
demand
shortage
surplus
rationing
12
Measure of responsiveness to a change in price.
elasticity
rationing
market
utility
13
Amount producers are willing to supply is equal to the amount consumers are willing to buy.
equilibrium price
elasticity
utility
demand
14
Amount of a good or service that consumers are able and willing to buy at various prices.
demand
market
utility
supply
15
The x and y axis of the supply and demand graph are labelled
Cap'n Crunch & Count Chocula
quantity demanded & price
elastic demand & price
quantity demanded & quantity supplied
16
Generally, the more substitutes for a good the
more elastic the demand
less prices change
less valuable it is
more complements there are
17
The distribution of goods and services based on something other than price.
rationing
supply
elasticity
demand
18
Amount that producers are willing to sell at various prices.
shortage
equilibrium price
rationing
supply
19
If the price of an item rises, the quantity demanded usually
falls
rises
remains unchanged
reflects the presence of new suppliers
20
Process of freely exchanging goods and services between buyers and sellers.
utility
market
shortage
price ceiling
21
If the price of a product is above its equilibrium price, the result is a
demand
shortage
surplus
black market
22
Demand for one brand of coffee is probably
inelastic
substitutable
marginal utility
elastic
23
Amount of satisfaction received from a purchase.
utility
supply
price ceiling
rationing
24
The opposite of the shortage represented in this graph is a...
elasticity
surplus
scrumtalecense
utility
25
The graph below represents a...
decrease in demand
increase in demand
increase in supply
decrease in supply
26
The point on a graph at which the supply and demand curves cross each other is known as the
epicenter
epipen
equifax
equilibrium
27
The graph below represents a...
decrease in demand
decrease in supply
increase in demand
increase in supply
28
The quantity demanded of a product is affected by
shortages
output versus input
surplus quantities
price
