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Duplicate of Economics - Demand & Supply Flashcards | StudBud
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Duplicate of Economics - Demand & Supply
Duplicate of Economics - Demand & Supply
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Demand and Supply Quiz
Flashcards
14 cards
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Questions
14
Answers
1
What happened to the market for record players, after CD's and MP3's came out?
the demand for record players increased
the quantity demanded increased
the quantity demanded decreased
the demand for record players decreased
2
What types of goods are Pepsi and Coca-Cola?
inferior goods
substitute goods
complimentary goods
giffen goods
3
What will happen in the market for limes, if the price of rice increases?
the quantity supplied will increase
the supply of limes will decrease
the quantity demanded will decrease
the supply of limes will increase
4
If the government increases taxes on peoples' incomes, what will happen?
There will be a decrease in supply
There will be a decrease in demand
There will be an increase in supply
There will be an increase in demand
5
What will happen if there is an increase in peoples' incomes?
market supply will increase
market demand will decrease
market demand will increase
market supply will decrease
6
What type of goods are toothbrushes and toothpaste?
Veblen goods
complimentary goods
substitute goods
inferior goods
7
What is happening in demand as a result of its declining population?
demand is decreasing
demand is increasing
quantity demanded is increasing
quantity demanded is decreasing
8
What will happen in the market for 'Nature Gift' Coffee, if there is successful advertising?
the supply of Nature Gift will increase
the demand for Nature Gift will increase
the quantity supplied of Nature Gift will increase
the quantity demanded of Nature Gift will increase
9
What will happen in the market for car tires, if the price of rubber increases?
the quantity supplied will decrease
the quantity demanded will decrease
the supply of tires will decrease
the supply of tires will increase
10
What will happen in the market for cars, if the price of gas increases?
the supply of cars will increase
the supply of cars will decrease
the demand for cars will decrease
the demand for cars will increase
11
If the price of a good, such as an iPad, decreases, what will happen...?
demand will increase
the quantity demanded will increase
the quantity demanded will decrease
demand will decrease
12
What will happen to the supply of rice, if the price of rice increases?
the quantity supplied will decrease
the quantity supplied will increase
the demand for rice will decrease
the supply of rice will increase
13
What type of service is shoe repairs?
inferior good
complimentary good
normal good
substitute good
14
What change will occur in the oil market as a result of new mining technology?
the demand for oil will decrease
the supply of oil will increase
the demand for oil will increase
the supply of oil will decrease
