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Supply and Demand Review Flashcards | StudBud
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Supply and Demand Review
Supply and Demand Review
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A review of supply and demand
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
An increase in the price of a product will...
Increase demand
Increase supply
not change demand
Decrease supply
2
This graph shows...
An increase in demand
a decrease in demand
A decrease in supply
An increase in supply
3
An increase in jelly prices will result in ...
an increase in jelly sales
An increase in the demand for peanut butter
a decrease in the demand for peanut butter
No impact on peanut butter prices
4
An increase in the number of sellers will result in...
a decrease in equilibrium quantity
An increase in equilibrium price
An increase in equilibrium quantity
A decrease in equilibrium price
5
A price set at $6 will result in a surplus of ______ units.
6
4
5
2
6
A price set below the naturally occurring equilibrium will result in a ....
shortage of product
A surplus of product
7
An increase in technology will result in...
An increase in demand
An increase in supply
A decrease in demand
A decrease in supply
8
Which of the following would cause the this line to shift?
The cost of a complement increases
the number of buyer decrease
The cost of resources decreases
Consumer income decreases
9
An increase in income will result in...
An increase in equilibrium price
An increase in equilibrium quantity
a decrease in equilibrium quantity
A decrease in equilibrium price
10
An increase in Coke prices will result in the following impact on Pepsi
An increase in prices
A decrease in equilibrium quantity
A decrease in prices
An increase in equilibrium quantity
11
According to the
law of supply
, a decrease in price will...
Decrease demand
Decrease supply
Increase supply
Increase demand
12
which of the following provides the best definition of
demand
?
How much you will buy in order to meet your basic needs
How much stuff you want
How much stuff you will buy at a $0 price
Your willingness and ability to buy things at various prices
