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Prin. of Fin/Mkt - Demand/Supply, but NOT supply & demand Flashcards | StudBud
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Prin. of Fin/Mkt - Demand/Supply, but NOT supply & demand
Prin. of Fin/Mkt - Demand/Supply, but NOT supply & demand
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Answers
1
The movement on this graph could be caused by:
More sellers
An increase in the price of resources
More buyers
An increase in price
2
The movement of this graph could be caused by:
Better technology
An increase in the price of a complimentary good
A decrease in the price of a resource used in your production
Fewer Sellers
3
The law of demand states that price and quantity demanded move in __________ directions.
opposite
parallel
identical
similar
4
The movement of this graph could be caused by:
An increase in the price of a complimentary good
Better technology
A decrease in the price of a resource used in your production
Fewer Sellers
5
A government payment to support a business or market:
Subsidy
Tax
Substitute
Salary
6
All of the following are examples of substitute goods EXCEPT:
car and motorcycle
toothbrush and toothpaste
pens and pencils
oil and natural gas
7
If the household income is decreased then the demand for normal goods will __________.
stop
increase
stay the same
decrease
8
refers to the cost or benefit of the NEXT UNIT
Extra
lagniappe
Marginal
Utility
9
is the added satisfaction that a consumer gets from having one more unit of a good or service
Helpful Helping
Incremental Happiness
Marginal Utility
A little bit of satisfaction
10
This shift in the demand curve could have been caused by:
An increase in consumer preference for the item.
A decrease in consumer income
An increase in the price of a complementary good.
Fewer buyers
11
Goods that you would buy in smaller quantities, or not at all, if your income were to rise.
Drippin' Goods
Luxury Goods
Normal Goods
Inferior Goods
12
The total satisfaction received from consuming a good or service
Opportunity Cost
Utility
Scarcity
Specialization
13
An increase in the price for one, leads to an increase in the demand for the other
Normal Good
Inferior Good
Complimentary Good
Substitute Good
14
During the pandemic, more fast food restaurants opened. You're graphing hamburgers. What determinant is this?
Number of Sellers
Price of a complementary good
Technology
Price of Resources
15
The movement of this graph could be caused by:
An increase in the price of a complimentary good
An increase in the price from 15 to 30
Better technology
More Sellers
16
Each of the following could be a demand shifter EXCEPT:
Population
Price
Income
Tastes and Preferences
17
This shift in the demand curve for an inferior good could have been caused by ____________.
More buyers
A greater population
The price of the good
A increase in income
18
various quantities of a good (or service) the consumer is willing and able to buy at different possible prices
quantity
demand
price
supply
19
This shift in the demand curve for a normal good could have been caused by ____________.
An increase in the price of the good
An increase in income
A rise in the price of a complimentary good.
A fall in the price of a substitute good.
20
You manufacture computers, the price of computer chips has risen. What determinant is this?
Technology
More Sellers
Price of a complementary good
Price of Resources
21
A shift to the right of the demand curve signifies __________.
A decrease in quantity demanded
An increase in demand
A decrease in price
A decrease in demand
22
The higher the price, the larger the quantity produced or sold
The Law of Supply
The Law of Equilibrium
The Law of Demand
Demand Schedule
23
a graph showing the relationship between the price of a good and quantity demanded
The Supply Curve
The Law of Demand
Quantity Demanded
The Demand Curve
24
All of the following are examples of complementary goods except...
Cell phones and headphones
Cars and gas
Peanut butter and jelly
Movies and TV's
25
This movement on the demand curve could be caused by _________________.
Number of Sellers
Number of Buyers
tastes and preferences
A change in price
26
Movement ALONG the demand curve is caused by a change in ____________.
Price
Tastes and Preferences
Number of Buyers
Change in the Price of a Complimentary Good
27
The movement of this graph could be caused by:
An increase in the price of a complimentary good
Fewer Sellers
Better technology
More buyers
28
At a lower the price we buy more of the product. At a HIGHER price we buy less of the product.
The Law of Demand
Demand Schedule
The Law of Supply
Quantity Demanded
29
The movement of this graph could be caused by:
An increase in the price of a complimentary good
An increase in the price of a substitute good
More Sellers
An increase in price
