stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
unit 4 Supply and Demand Review Flashcards | StudBud
Explore
/
unit 4 Supply and Demand Review
unit 4 Supply and Demand Review
25 terms
·
StudBud Administration
·
47 plays
Imported from external platform
Flashcards
25 cards
F
Practice quiz
P
Host live
L
Questions
25
Answers
1
Using the graph below, if a price ceiling was set at $400, what problem would arise int he market?
surplus of 40,000
surplus of 30,000
shortage of 10,000
shortage of 30,000
2
Product: New Jeep SUV's
Headline: Buyers Reject New Car Models
Supply increase
Supply Decrease
Demand increase
Demand decrease
3
Product: Beats by Dr Dre
Headline: People find out Dr. Dre Convicted of Murder
demand decreases
supply increased
supply decreases
demand increases
4
Market: sweet potatoes
Headline: A major drought causes crops to fail.
quantity demanded increase
demand increase
quantity demanded decrease
supply decrease
5
Which of the following represents QD < QS
shortage
Surplus
equilibrium
6
Product: Amazon Phone
Headline: No one cares about Amazon's new phone
supply decreases
demand decreases
supply increases
demand increase
7
If a legislated price floor was removed, what would happen to prices?
price would rise
prices would stay the same
prices would fall
8
What is the
inverse relationship
between price and quantity demanded?
P increases, QD increases
P decreases, QD decreases
P decreases, QD is unknown
P increases, QD decreases
9
Which of the following represents QD = QS?
shortage
surplus
equilibrium
10
Supply is the willingness and ability of producers to make and sell goods/services at various prices.
True
False
11
Product: Kidney Transplants
Headline: New breakthrough process makes donated kidneys compatible for all
demand decreases
supply decreases
demand increases
supply increases
12
Product: shrimp
Headline: Hurricane destroys fishing industry ports.
supply increases
demand decreases
demand increases
supply decreases
13
Product: Universal Studios tickets
Headline: Univ. Studios to Open Harry Potter Themed World
supply increases
demand increases
supply decreases
demand decreases
14
Product: restaurant food
Headline: Chicago to increase minimum wage to $15 an hour
Demand decrease
Supply decrease
Supply increase
Demand increase
15
Which of the following represents QD > QS?
equilibrium
surplus
shortage
16
Product: Video Games Headline:
Gamestop Announces That Next Year Prices Will Be Raised by 10%
demand increases
quantity supplied increases
supply increases
quantity demanded increases
17
Product: Chicago Hotdogs
Headline: Vienne beef announces price increase on all products
All shift
Demand decrease
Supply increase
No Shift
18
Market: roses
Headline: 20% off sale on all flowers
quantity demanded decrease
demand increase
demand decrease
quantity demanded increase
19
Product: Movie Tickets Headline:
Average income Declines for Workers around the Country
supply increases
demand increases
supply decreases
demand decreases
20
Market: sneakers Headline:
Macy's to have huge semi-annual shoe sale next month!
demand decrease
quantity demanded decrease
quantity demanded increase
demand increase
21
Product: Swiss Miss Hot Chocolate
Headline: Cocoa Bean Shortage!
Supply increase
Demand decrease
Demand increase
Supply decrease
22
Product: Grapes
Headline: EPA Bans Pesticide Use near Waterways - production more expensive
price increases, quantity decreases
price decreases, quantity decreases
price decreases, quantity increases
price increases, quantity increases
23
Which of the following is true regarding the Law of Supply?
Price increases, Quantity supplied decreases
Price decreases, quantity demanded increases
Price increases, Quantity supplied increases
Price decreases, quantity supplied Increases
24
What is
demand
?
willingness of buyers to purchase goods
ability of buyers to purchase goods
willingness and desire of buyers to purchase goods
willingness and ability of buyers to purchases goods
25
Product: Bears Football Tickets Headline: NFL
Raises Prices on Football Game Tickets
QD increases
demand increase
QD decreases
Supply decrease
