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Supply & Demand Intro Flashcards | StudBud

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What is quantity demanded at $2.50?

What is the Law of Supply?

Supply & Demand Intro

11 terms·StudBud Administration·158 plays

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Questions 11

Answers

1
What is the Law of Supply?
All of the above
As price decreases, quantity supplied decreases
Suppliers will offer more of a good at a higher price
As price increases, quantity supplied increases
2
What is quantity demanded at $2.50?
100
250
150
200
3
What is quantity supplied at $1?
200
150
250
300
4
If Little Caesars lowers its Hot & Ready prices to $3 per pizza, demand is more likely to..
Increase
Remain unchanged
Decrease then increase
Decrease
5
What is quantity demanded at $3?
50
200
100
150
6
If the price of Coke increases dramatically, the demand for Pepsi (substitute) will ....
Decrease
Decrease then increase
Increase
Remain the same
7
What is the Law of Demand?
As price decreases, quantity demanded increases
Both of the above
As price increases, quantity demanded increases
The higher the price, the more consumers will want to buy
8
What is equilibrium price and quantity for pizza slices on this table?
$1.50; 200
$.50; 300
$2; 250
$1; 250
9
If producers realize they can sell carne asada burritos for 50% more than today's prices, ...
Both A & B
Producers will supply more burritos at those high prices
New consumers will start buying burritos
No new producers will supply more burritos for high prices
10
If producers realize that they can sell granola for twice the current price, ...
Producers will supply more granola at those high prices
Both A & B
More new producers will supply more granola for high prices
New consumers will start buying granola
11
What is quantity supplied at $2.50?
250
150
200
300