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Mr. T's Supply & Demand Review Flashcards | StudBud
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Mr. T's Supply & Demand Review
Mr. T's Supply & Demand Review
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StudBud Administration
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Supply & Demand Basics Review
Flashcards
14 cards
F
Practice quiz
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Host live
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Questions
14
Answers
1
Producing 14 Cheeseburgers and Selling them for $8 apiece leads to...
Shortage
Surplus
Unattainable / Unfeasible
Market Equilibrium
2
If an entire demand curve shifts to the left, it means that demand has ________:
Decreased
Increased at all price levels
Decreased at all price levels
Increased
3
What is the Equilibrium Price for Cheeseburgers?
$7
$9
$8
$6
4
Which of these can cause an increase in the price of designer jeans?
Increased Supply alone
Increased Demand and no change in Supply
Decreased Demand alone
Decreased Demand and increased Supply
5
Producing 10 Cheeseburgers and Selling them for $5 apiece leads to...
Unattainable / Unfeasible
Market Equilibrium
Shortage
Surplus
6
What would happen NOW if a rumor got started that the price of jeans will drop in the future?
Demand for jeans will decrease, market price will increase
Demand for jeans will increase, market price will increase
Demand for jeans will decrease, market price will decrease
Demand for jeans will increase, market price will decrease
7
The products available for purchase are the:
Supply
Demand
Equilibrium Point
Equilibrium Price
8
What change in the market for jeans does this graph show?
Demand for more jeans causes increased price.
Fewer jeans sold causes increased supply and decreased price
Fewer jeans sold causes decreased supply and decreased price
Demand for more jeans causes an increase in Q Supplied
9
You're McDonald's, and Wendy's starts an effective new ad campaign. What happens?
Demand increases, EP increases
Demand decreases, EP decreases
Supply decreases, EP decreases
Supply increases, EP increases
10
Producing 14 Cheeseburgers and Selling them for $11 apiece leads to...
Unattainable / Unfeasible
Market Equilibrium
Shortage
Surplus
11
Which line represents the supply curve?
Line 2
Line 1
12
Which of these represents the current equilibrium price for designer jeans?
The Intersection of P1 and Q1
The Intersection of S and D1
The Intersection of S and D2
The Intersection of P1 and Q2
13
When is price equilibrium reached?
When quantity demanded equals quantity supplied
When supply is less than demand
When supply is greater than demand
When demand equals supply
14
You're McDonald's; government increases taxes on raw beef shipped by farmers. What happens?
Demand decreases, EP increases
Supply decreases, EP increases
Supply decreases, EP decreases
Demand decreases, EP decreases
