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Supply & Demand
Supply & Demand
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Review for Supply and Demand Test
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
If the price of pepsi goes up, what will happen to the demand for coke?
it will stay the same
it will increase
it will decrease
who knows coke tastes horrible anyway
2
If a good is a need then the demand is
at equilibrium
inelastic
elastic
unit elastic
3
This change in the market causes Equilibrium Prices to _________ and Quantities to _________
down, down
up, down
down, up
up, up
4
If Green Bean Manufactures kept their price at the OLD equalibrium this would cause ___________
a shortage
a new shift in supply
another drought
a surplus
5
If the quantity demanded is 200 and the quantity supplied is 50 how much is the shortage?
200
50
250
150
6
A price that is HIGHER than equilibrium will cause a __________ in the market.
shortage
demand to be greater than supply
surplus
equilibrium
7
If demand shifts to the left prices will __________ and quantities will _____________
go up, go down
go down, go up
go up, go up
go down, go down
8
If you raise the price of the product and your total revenue goes down then the demand is
inelastic
unit elastic
elastic
equilibrium
9
If there is a surplus, Quantity Demanded is ____________ than quantity supplied
it depends
lower
the same
higher
10
Any arrangement that brings buyers and sellers together is called:
The hallway
Thanksgiving
Goods and Services
A Market
11
Look at the Graph. If this is the Market for Green Beans what might cause this to happen.
A drought destroys much of the green bean crop
People find out green beans cause cancer
Aaron Rodgers does a commercial for green giant
New Technology helps grow more green beans
12
Which of the following would increase the price of Dog Food
many dogs die of a terrible disease.
an increase in the demand for dog food
a decrease in the demand for dog food
an increase in the supply of dog food
13
If your income increases what will happen to your demand for an inferior good (like spam)?
it will decrease
nothing
it will increase
spam is delicious
14
To get the MOST profit a company will produce ___________________.
where MC=Price
Wherever it wants
where quantity is highest
Where Price = Revenue
15
the highest price you are LEGALLY able to pay is called
price ceiling
price floor
shortage
equlibrium
16
What two shifts (one of demand/one of supply) will definitely cause equilib prices to decrease?
demand down, supply up
demand up, supply down
demand up, supply up
supply down, demand down
17
When their is a Shortage in a market the Price will
Decrease
it depends
Stay the Same
Increase
18
What is it called in a market when buyers buy exactly the same amount as sellers want to sell.
disequilibrium
surplus
shortage
equilibrium
19
The following products would be considered Compliments
french fries and tots
hot dogs and hot dog buns
pepsi and coke
hamburgers and chicken sandwiches
