Demand is downward sloping due to :

the income and substitute effect

If the price of hot chocolate increases,

The demand for hot tea increases

An increase in the price of pizza will lead to an increase in which of the following?

the supply of calizones (substitute)

If the price of sleds increases,

The demand for snow suits decreases

During a recent snow/ ice storm, the demand for netflix

increase due to an increase in consumer taste

During a power outage during a storm, the demand for candles

increases to consumer preferences

The Law of Demand says that :

As price goes up, quantity demanded goes down

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Supply & Demand

22 termsStudBud Administration16 plays

Introductory review of supply and demand changes

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Questions 22

Answers

1
The Law of Supply is
based on consumers behavior
says that when price goes up, demand goes down
A direct relationship
An inverse relationship
2
Demand is downward sloping due to :
The number of consumers
the income and substitute effect
Inferior and normal goods
The substitute and complement effect
3
Marshmallows and hot chocolate are:
No relationship
Complements
Substitutes
Inferior Goods
4
If the price of hot chocolate increases,
The demand for ice cream increases
The demand for marshmallows is unchanged
The demand for hot tea increases
The demand for marshmallows increases
5
An increase in the price of pizza will lead to an increase in which of the following?
the supply of calizones (substitute)
the supply of coca cola
the supply of pizza
the demand for flour
6
A decrease in the price of peanut butter would most likely increase the demand for
Ham
Electricity
Coffee
Jelly
7
A change in Price causes a change in :
Quantity Demanded
Substitutes
# of Consumers
Demand
8
One of the following is not a determinant of Supply:
# of sellers
Price of other goods
technology
# of consumers
9
A change in Price causes a change in
quantity supplied
Demand
Supply
Technology
10
The following is a determinant of Demand
Income
Subsidies
Taxes
# of Suppliers
11
The following is not a determinant of Demand
# of Consumers
Taste
Technology
Price of Substitutes
12
The magic point where supply and demand connects is
a price floor
Adam Smith land
equilibrium
a price ceiling
13
One of these things is not like the others
Technology
Preferences
Price of Complements
# of Consumers
14
If the price of sleds increases,
The demand for snow suits increases
The snow sharks eat more kids
Price does not change demand, so no change
The demand for snow suits decreases
15
A decrease in the price of butter would most likely decrease the demand for:
margarine
jelly
syrup
bagels
16
Which of the following would increase demand for a normal good? A decrease in:
Income
Price of a Substitute
Price of a Complement
Price
17
For many people, Spam is a
an inferior good
normal good
a substitute
a complement
18
During a recent snow/ ice storm, the demand for netflix
increased to an increase in supply of netflex
decreased due to a lack of preference
decreased
increase due to an increase in consumer taste
19
During a power outage during a storm, the demand for candles
decrease, due to inferior goods
decreases due to consumer preferences
increases due to income, normal goods
increases to consumer preferences
20
The Law of Demand says that :
As price goes up, quantity demanded goes up
As price goes up, the quantity supplied goes up
As price goes up, quantity demanded goes down
As Price goes up, quantity demanded remains the same
21
An increase of wages will lead to a:
increase in Supply
decrease in demand
decrease in Supply
Increase quantity demanded
22
After a heavy snowfall, the demand for snow shovels
increase
decrease
The quantity supplied increased
The quantity demanded increased

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