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Econ unit 3: Supply, Demand, and Equilibrium Flashcards | StudBud
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Econ unit 3: Supply, Demand, and Equilibrium
Econ unit 3: Supply, Demand, and Equilibrium
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A review of the economic concept of Market equilibrium
Flashcards
19 cards
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Questions
19
Answers
1
Government payments to producers, used to increase supply
Regulations
Complements
Substitutes
Subsidies
2
What is it called when quantity supplied exceeds quantity demanded(QS > QD) ?
Surplus
Shortage
Market Equilibrium
3
For which of the following pairs is the first item an INPUT for the second?
steel : cars
movies : popcorn
iphones : computer chips
brand-name cereal : store-brand bag cereal
4
When QS>QD at current price, what condition in the market do we have,& what happens to price?
surplus, and price tends to fall
surplus, and price tends to rise.
shortage, and price tends to fall
shortage, where price tends to rise
5
If there is an decrease in supply, what will happen to P & Q?
Price increases, Quantity decreases
Price & Quantity stays the same
Price & Quantity decrease
Price increases, Quantity increases
6
How are bitcoins mined?
Through buying and selling on the market
By "turning" your private key
solving cryptographic math problems
By "turning" your public key
7
Which of the following are
all
the conditions that can exist in the market at any time:
shortage, market equilibrium
shortage, surplus, market equilibrium
market equilibrium, surplus
shortage or surplus
8
What do we call it when quantity demanded exceeds quantity supplied(QD>QS)?
surplus
shortage
market equilibrium
9
What is the
Law of Demand?
as supply decreases, demand decreases
As prices increase, quantity demanded increases
As supply increases, demand increases
As prices increase, quantity demanded decreases
10
iPhones and Android phones are:
Regulations
Subsidies
Complements
Substitutes
11
If there is an increase in supply, what will happen to P & Q?
Price & Quantity decrease
Price & Quantity stays the same
Price increases, Quantity decreases
Price decreases, Quantity increases
12
What is Market Equilibrium? (2 answers)
The point where the supply curve and demand curve intersect
The point where quantity supplied < quantity demanded
The point where quantity supplied > quantity demanded
situation where QS &QD for a product are equal at same P & Q
13
If there is an decrease in demand, what will happen to P & Q?
Price & Quantity stays the same
Price increases, Quantity increases
Price increases, Quantity decreases
Price & Quantity decrease
14
If there is an increase in demand, what will happen to P & Q?
Price increases, Quantity decreases
Price increases, Quantity increases
Price & Quantity stays the same
Price & Quantity decrease
15
As price increases, what happens to the number of producers in a market?
Decreases
No Change
Increases
16
What is the
Law of Supply?
as demand decreases, supply decreases
As prices increase, quantity supplied decreases
As prices increase, quantity supplied increases
As demand increases, supply increases
17
Movie theater tickets and popcorn are _______________
Substitutes
Regulations
Complements
Subsidies
18
When QD>QS at Current price what condition in the market do we have,&what happens to price?
nothing changes
shortage, and price tends to rise
nothing changes and market equilibrium results
. surplus, and price tends to fall
19
What is it called when quantity supplied equals quantity demanded(QS =QD) ?
Surplus
Shortage
Market Equilibrium
