An increase in the price of Snickers will result in a(an)

contraction in demand for Snickers

A shortage of a good can be expected whenever

price of the good is below equilibrium price

How will a decrease in the price of hot dogs affect hamburgers?

demand will decrease and price will decrease

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1.2.6 price determination

12 termsStudBud Administration68 plays

effects of price, supply, demand using real-world (sort of) examples. #supplydemand #shortage #surplus

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Questions 12

Answers

1
An increase in the price of Snickers will result in a(an)
increase in demand for Snickers
decrease in demand for Snickers
decrease in supply of Snickers
contraction in demand for Snickers
2
What might cause an increase in the demand for Fuzzy Wuzzys?
increase in the price of Fuzzy Wuzzys
injuries to small children and pets swallowing Fuzzy Wuzzys
advertising for Fuzzy Wuzzys
more substitutes for Fuzzy Wuzzys
3
How will a decrease in average income affect inexpensive clothing from WalMart?
demand up and price up
demand down and price down
demand up and price down
demand down and price up
4
An increase in the price of a product will cause
Sponge Bob to increase
demand to shift left
supply to decrease
demand to contract
5
An increase in price of hot dogs means decrease in demand for mustard. They must be
substitute goods
independent goods
delicious
complementary goods
6
If the price of Snickers goes up demand for Snickers goes down. This will result in
a surplus of Snickers
Snickers in school lunches
a further increase in the price of Snickers
a shortage of Snickers
7
If the price of apple pie increases, the demand for ice cream (a complement) will
increase and decrease at the same time
be unchanged
increase
decrease
8
A shortage of a good can be expected whenever
price of the good is above equilibrium price
the good goes out of style
price of the good is below equilibrium price
price of the good is equal to equilibrium price
9
If the price of hamburgers decreases, the demand for hot dogs (a sub.) will
remain unchanged
increase
Sponge Bob
decrease
10
How will the roll-out of the new (and safer) Super Fuzzy Wuzzy affect demand for Fuzzy Wuzzy?
the old Fuzzy Wuzzys will attack and eat the new ones
the old Fuzzy Wuzzys will feel neglected
demand will increase
demand will decrease
11
How will a decrease in the price of hot dogs affect hamburgers?
demand will decrease and price will increase
demand will decrease and price will decrease
demand will increase and price will decrease
demand will increase and price will increase
12
Which of the following will NOT cause the demand curve for product A to shift?
change in the price of C, a substitute
change in price of B, a complement
increase in consumer income
change in the price of A

1.2.6 price determination Flashcards | StudBud