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Supply and Demand Flashcards | StudBud

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Supply and Demand

14 terms·StudBud Administration·389 plays

An #economics quiz about the factors of #supplyanddemand #grade12

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Questions 14

Answers

1
Factor of Supply or Demand: input costs
supply
demand
2
What is the law of demand?
As prices rise, quantity demanded rises
As prices fall, quantity demanded goes down
As prices fall, quantity demanded goes up
As prices fall, quantity demanded remains the same
3
Factor of Supply or Demand: substitutes
demand
supply
4
What is the law of supply?
As prices rise, the quantity supplied rises
As prices rise, demand rises
As prices fall, the quantity supplied doesn't change
As prices fall, producers go out of business
5
Factor of Supply or Demand: consumer tastes
supply
demand
6
Factor of Supply or Demand: government action
demand
supply
7
Why do producer expectations influence supply?
Believing prices will go up/down affects how much they make.
Expecting people to buy common goods means they supply more
They don't.
If they expect their workers to work hard, supply increases
8
Factor of Supply or Demand: market size
supply
demand
9
Factor of Supply or Demand: complements
demand
supply
10
Factor of Supply or Demand: technology
demand
supply
11
Factor of Supply or Demand: income
demand
supply
12
Why do consumer expectations influence demand?
What you expect $$ to do in the future influences you today
They don't
What other people say about it makes you want to buy it.
If it's not quality, you won't buy it
13
Who affects supply?
producers
consumers
14
Who affects demand?
consumers
producers