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Demand & Supply
The market is in equilibrium when...
This will shift supply curve outwards...
Demand & Supply
10 terms
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StudBud Administration
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143 plays
Form 5 Revision
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
This will shift supply curve outwards...
Reduction in price of good
Change in income
Firm acquires new machine
Increase in cost of production
2
The market is in equilibrium when...
Supply is less than demand
Supply is greater than demand
Supply falls while demand rises
Supply is equal to demand
3
Effective demand is...
Demand during an economic boom
When Demand = Supply
Demand during a recession
Demand backed up by necessary purchasing power
4
Factor which affects supply...
Trends/Tastes
Technology
Interest Rates
Income
5
A vertical (perfectly inelastic) supply curve indicates...
Fixed supply
Unlimited supply
Reliable supply
Unreliable supply
6
Exception to the law of demand
Giffen Goods
Durable Goods
Generic Goods
M&S Goods
7
The relationship between price and quantity demanded for normal goods is a...
Negative relationship
Dodgy relationship
Positive relationship
Steady relationship
8
9 out of 10 economics questions can be answered by...
Ms O'Donoghue
Supply & Demand
Mr Tucker
Ms Smithwick
9
Factor which affects demand..
Number of suppliers
Trends/Tastes
Technology
Costs of production
10
The Factors of Production are the best example of..
Derived Demand
Derived Supply
Composite Demand
Complementary Demand
