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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
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#economics #demandandsupply
Flashcards
34 cards
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Questions
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Answers
1
Demand for soda pop is elastic. A dollar increase in the price on soda will cause ...
All of the above
Businesses to see an increase in profits.
Consumers to look for a less expensive substitute for soda pop.
The government to provide subsidies to small business owners.
2
Market price for pizza is $3, how many slices will be supplied by all producers in the market?
2000
none of the above
3500
1000
3
Example of a variable cost for the LA Dodger franchise.
ticket-takers' salaries
stadium maintenance
stadium rent
manager's salary
4
How would an entreprenuer calculate total revenue?
Profit
The price of the good being supplied.
The total amount of goods a business can expect to sell.
The total amount of all good or services sold.
5
the amount a supplier is willing and able to supply at a certain price
elasticity of demand
quantity supplied
supply curve
quantity demanded
6
The principle of the Law of Demand.
Higher the price, demand increases.
Lower the prices, supply increases.
Higher the price, demand decreases.
Lower the price, demand increases.
7
In Ceteris Paribus economists must assume ...
Red and Orange (triangle and diamond)
Supply and demand are in disequilibrium.
Quantity is determined by price only.
Which supply shifter is best.
8
This determines the Price and Quantity of most goods.
The interaction between buyers and sellers
The availability of your time
The quality of your friendship
The perception of the universe
9
The United States economic system...
Mixed or Modern Economy
Command or Central economy
Traditional Economy
American Free Enterprise
10
When a consumer is able and willing to buy a good or service.
Supply
Demand
Consumption
All of the above
11
fixed costs plus variable costs
law of demand
inputs
total cost
labor cost
12
Example of government influence on supply.
elasticity of demand
marginal costs
subsidies
laws of supply
13
Which of the following is a fixed cost for a business?
advertising
part-time workers
inventory
rent
14
This shows the Quantities of a product Demanded at varioius Prices of ALL consumers in the market.
Both Red and Blue (triangle and diamond)
Market Demand Schedule
Individual Demand Schedule
Market Supply Schedule
15
If you were to calculate elasticity by using a formula, and the answer was equal to one, it would be called ...
Elasticity
Not the answer
Inelasticity
Unitary Elasticty
16
a level at which the marginal production goes up with increase in labor
elasticity of supply
demand schedule
increasing marginal returns
total cost
17
A shift in the demand curve means .....
The curve shifts to the left becuase of a decrease in quantitiy demanded.
Price will not be the factor that affects quantities demanded.
Demand shifters are causing the quantities of demand to change.
The curve shifts to the right because of an increase in quantity demanded.
18
How many slices of pizza will one pizzeria be will to supply at $1 a slice?
250
300
150
100
19
change in output from hiring one additional unit of labor
regulation
variable
marginal product of labor
marginal cost
20
What factor has the greatest influence the the Elasticity of supply?
profit
labor
financing
time
21
the cost of producing one more unit of a good
marginal cost
demand
law of supply
quantity supplied
22
When the demand for a product is inelastic.
Buying habits stay relatively the same because of a lack of substitutes
People become very sensitive to the rise in price
People will not buy the product if the price goes up
People will not be sensitive to a change in price
23
Which industry is known to have an inelastic supply?
Gas & Oil Industry
Agriculture Industry
None of the above.
Medical Industry
24
Which is an example of the law of supply?
I will buy a new dishwasher to increase supply.
I will supply more sandwiches if customers are willing to pay more.
I will buy more land when corn prices begin to drop.
I will demand more apple pies when prices decrease.
25
how is profit arrived at?
the amount the producer is willing to supply to meet demand
revenue plus input costs
marginal returns less unitary elasticity
profit is equal to total revenue less total cost
26
What does it feel like when consumers see prices of goods increase but their income stays the same?
It feels like their money can't buy as many goods as it used to.
It feels like supply and demand are in equilibrium.
It feels the same year after year becuase the market is relative.
It feels like their purchase power is greater.
27
Economists would describe Inferior Goods as ...
The opposite of Normal Goods
Goods or services with very low price or quality
All of the above
Goods for which demand rises when income falls
28
A good that we demand less when are income drops.
Normal goods
Inferior goods
Luxuries
Blue and Orange (diamond and circle)
29
A table that lists the quantites of a good that a person will buy at various prices.
This is not the answer
Supply Schedule
Market Demand Schedule
Individial Demand Schedule
30
How is the future price of a good related to its current demand?
Blue and Orange (diamond and cirlce)
When the price of a good will rise tomorrow, the current demand increases.
Not the answer
When a good is expected to go on sale next week, current demand decreases.
31
chart that lists how much of a good a supplier will offer at different prices
supply schedule
law of supply
increasing marginal returns
diminishing marginal returns
32
The price of going to the movie theatre has increased for $12 to $18 a ticket. How will this affect quantity demanded?
It's a demand shifter question, the demand curve shifts to the right.
It's a law of demand question, demand will decrease.
It's a law of supply question, supply will decrease.
It's a supply shifter question, the supply curve will shift to the left.
33
How is the Demand for a good related to the future change in price?
If prices are expected to drop in the future, current demand will increase.
Not the answer.
If prices are expected to drop next month, current demand will decrease.
Both Red and Blue answers.
34
Tom's workers go on strike for a week, how will this affect Tom's supply of T-shirts?
Supply will shifts to the left, the lack of labor stalls Tom's prodction.
This is a Ceterius Paribus quesiton, supply will decrease.
This is a Ceterius Paribus question, demand will increase.
This will not affect the supply of T-shirts.
