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Duplicate of Supply & Demand Basics Flashcards | StudBud
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Duplicate of Supply & Demand Basics
Duplicate of Supply & Demand Basics
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Marketing Principles basic economics #supplyanddemand
Flashcards
17 cards
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Questions
17
Answers
1
What is the point where quantity supplied equals quantity demanded called?
Market Equilibrium
Market Disequilibrium
Invisible Hand
Supply and Demand
2
Which of the following will NOT shift the demand curve?
consumer wants
# of consumers
competition
your income
3
What is an example of government influence on supply?
Income taxes
Grants
Subsidies
4
Generally, when the price of an item falls, what happens to the demand for that product?
demand falls
An increase in demand
People substitute other goods
demand falls as well
5
When demand increases the demand curve shifts
to the right
up
down
to the left
6
If there is a shortage of a product, the price is ______ market equilibrium.
below
at
above
within range of
7
If the price of butter increases, what happens to the demand for margarine(a substitute good)?
Stays the same
Increase
Decrease followed by an increase
Decrease
8
What happens to the supply of goods that producers are willing to produce when prices fall?
Firms supply less
Firms supply more
Diminishing marginal utility
Supply is constant
9
The money leftover after production costs are paid is
Profit
Overhead
Motive
Variable Costs
10
If the price of corn increases, the supply of wheat, a related good, will
increase and then decrease
stay the same
increase
decrease
11
The demand curve starts where, ends where, and slopes which way?
Starts upper left ends lower right slopes downward
demand what
starts lower left ends upper right slopes upward
starts and stays vertical - straight up and down
12
Is this a supply or demand curve?
Supply
Demand
13
If there is a surplus of a product, the price is ______ market equilibrium.
below
above
within range of
at
14
When the supply for a product decreases the supply curve shifts
to the left
to the right
up down
15
A basic fact of economic life is
Scarcity
Scarifice
Advantage
Interdependence
16
How might advertising lead to a shift in demand?
Increasing the demand becuase everybody wants it
Increasing the supply of the product
Decreasing demand due to the cost of advertising
17
The supply curve starts where and ends where and slopes which way?
supply what?
Starts in the lower left & ends upper right - slopes upward
it is a straight vertical line
starts in upper right & ends in lower left slopes down