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Demand and Supply Flashcards | StudBud

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Demand and Supply

10 terms·StudBud Administration·221 plays

#Demand, #supply, #elasticity

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Questions 10

Answers

1
If the price of strawberries went way up
People would buy blueberries instead.
Demand would go down.
Demand would go up.
1 & 2
2
The law of supply says...
Suppliers will offer more goods at a higher price.
None of the above.
Suppliers will offer more goods at a lower price.
Suppliers will stop selling a good.
3
A complementary good is...
1 & 2
Peanut butter and jelly.
A nice thing to say about a good.
Two goods that are bought and used together.
4
What is demand?
The desire to own something and the ability to pay for it.
Orders from your parents!
The amount of goods available.
Goods that are bought and used together.
5
If the birth rate goes down, how will that effect the sales of strollers?
People will buy less.
People will buy more.
They will stop making strollers.
The sales will stay the same.
6
Elasticity is...
How quantity supplied reacts to a change in price.
3 & 4
Something that can really stretch out!
How consumers react to a change in price.
7
What does the law of demand state?
2 & 3
Suppliers will offer more of a good at a higher price
Consumers buy more of a good when its price goes up
Consumers buy more of a good when the price goes down
8
What is revenue?
The sale price of an item.
The amount of money a business lost in a year.
Income received.
Coins and paper used as money.
9
A substitute good is...
A good that complements another good.
The amount of goods available.
Something you can buy in place of another good.
1 & 2
10
What is supply?
None of the above.
How consumers react to a change in price.
Income received from a purchase.
The amount of goods available.