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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
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Questions
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Answers
1
Coffee and tea are substitutes. If tea prices increase
the demand for coffee decreases.
the quantity demanded for coffee increases.
the quantity demanded for coffee decreases.
the demand for coffee increases.
2
When there is more demand than supply a ____________ occurs.
shortage
surplus
3
Price floors cause
shortages
surpluses
4
The Law of Demand is
a direct relationship
an inverse relationship
5
when market forces shift the deamd curve there is a change in
quantity demanded
demand
6
The Law of Supply is a ___________ relationship.
direct
inverse
7
diamonds are
supply inelastic
supply elastic
8
A price floor is ________ equilibrium price.
below
above
9
Price ceilings cause
shortages
surpluses
10
Steel is needed to make cars. Steel prices increase. The supply of cars will ____________.
increase
decrease
11
When there is more supply than demand a _________ occurs.
shortage
surplus
12
a change in income will shift the _________ curve
demand
supply
13
When a consumer expects there to be a sale in the future
demand will increase today
demand will decrease today
14
A price ceiling is __________ equilibrium price.
above
below
15
Bagels and Cream Cheese are
substitutes
complements
16
a change in price indicates a
change in quantity supplied
change in supply
17
What are the forces that set prices in the United States?
resources and costs
supply and demand
costs and supply
demand and resources
18
A increase in demand shifts the demand curve to the
right
left
19
Rent control is a ___________________.
price ceiling
price floor
20
pizza is
demand inelastic
demand elastic
