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Supply, Demand and Price
What curve is this?
What is the law of demand?
Supply, Demand and Price
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1
What is the law of demand?
price goes up, demand stays the same
price goes up, supply goes up
price goes down, demand goes up
price goes up, demand goes up
2
What curve is this?
this isn't a curve
this is a circle
supply curve
demand curve
3
Pick the reason why S/D changes *price of a good increases, consumers buy something similar*
complementary goods
population change
regulation
substitution effect
4
Pick the reason why S/D changes *government intervention in a market that affects the market*
imports/exports
input cost
regulation
taxes
5
What is the law of supply?
price goes up, supply goes down
price goes up, supply goes up
price goes up, demand stays the same
prices goes down, demand goes down
6
Pick the reason why S/D changes *what consumers think will happen to the price*
substitution effect
producer expectations
complementary goods
consumer expectations
7
Pick the reason why S/D changes *what producers think will happen in the future*
consumer tastes
substitution effect
producer expectations
consumer expectations
8
Pick the correct reason why S or D changes *increase in population is an increase in demand*
consumer expectations
producer expectations
population change
items used or bought together
9
Pick the reason why S/D changes *the cost of a g/s that is used to produce another g/s*
subsidy
regulation
input cost
population change
10
What are the two parts of equilibrium?
supply and demand
price and quantity
quantity and demand
price and supply
11
Pick the correct reason why supply or demand changes *more or less products in the market*
producer expectations
items used or bought together
consumer expectations
number of suppliers
12
Pick the reason why S or D changes *items used or bought together*
substitute goods
imports/exports
complementary goods
input costs
13
Pick the reason why S/D changes *what people want/desire - affected by advertising, trends etc*
consumer tastes
consumer expectations
producer expectations
substitution effect
14
What is equilibrium?
when demand and supply are equal
when price and demand are the same
when price and supply are the same
when all things are equal
15
Why does the Law of Supply work?
because business want to make a profit
because consumers want more product
because consumers don't want to pay the price
because they consider why people buy their product
16
What is a demand schedule?
table of price and supply
table of price and demand
table of food and consumers
table of writing and businesses
17
Pick the reason why S/D changes *a change in income causes a change in consumption*
regulation
taxes
income effect
input cost
18
What curve is this?
demand curve
this is a circle
this isn't a curve
supply curve
19
Pick the reason why S or D changes *the # of goods produced/sold in different countries*
imports/exports
items used or bought together
consumer expectations
population change
20
Pick the reason why S/D changes *a government payment that supports a specific market*
input cost
subsidy
taxes
regulation
21
Pick the reason why S or D changes *tax on production/sale of a good/service*
consumer expectations
excise tax
imports/exports
input costs
22
What are the two parts of demand?
what people desire, and ability to pay
quantity available
how much people want
price and quantity
