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Supply, Demand, & Equilibrium (2021 Hybrid Edition) Flashcards | StudBud
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Supply, Demand, & Equilibrium (2021 Hybrid Edition)
Supply, Demand, & Equilibrium (2021 Hybrid Edition)
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Demand, Supply, & Equilibrium
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which of the following is
NOT
a
Supply Shift Factor
that we talked about in class?
Resource Costs
Number of Suppliers
Consumer Expectations
Technology (for production)
2
What is Demand doing here?
It is staying the same.
It is looking at its phone.
It is shifting right (increasing).
It is shifting left (decreasing).
3
Which Supply Curve is showing a
decrease
in Supply?
A
There is no "C" option...I dunno.
C
B
4
What is the
Equilibrium Price
for these curves?
10 and 90
400
Red & Green
50
5
On this Supply Schedule, what is the
Qs
when the Price is
$3.50
?
25
30
5
10
6
Which of the following is
NOT
a
Demand Shift Factor
that we talked about in class?
Government Actions
Consumer Tastes
Prices of Substitutes
Income
7
What is happening on this Demand Curve? (take your time)
It's a movement along the curve because the price increased.
It's a shift of the whole Demand Curve.
The price stayed the same, but quantity decreased.
The quantity decreased, so the curve shifted.
8
Which Demand Curve is showing what happens when Demand
increases
?
A
There is no "C" option...I dunno.
C
B
9
When Supply or Demand change, what will happen to Price?
It will also change!
It will stay the same!
Nothing will happen to Price!
It will help Supply or Demand change back!
10
On this crazy graph, what is happening with
Demand
?
It is taking a nap.
It is shifting right (increasing).
It is staying the same.
It is shifting left (decreasing).
11
What does the
Law of Demand
say? (2 answers!)
If the Price falls, the Quantity Demanded will rise.
If the Price rises, the Quantity Demanded will rise.
If the Price falls, the Quantity Demanded will fall.
If the Price rises, the Quantity Demanded will fall.
12
What has happened to the
Equilibrium Price
in this situation?
In decreased because demand shifted left.
In increased because demand shifted right.
In decreased because supply shifted right.
In increased because supply shifted left.
13
On this crazy graph, what is happening with
the Equilibrium Price
?
It stayed the same.
It went down.
It went up.
It has no idea what is going on.
14
What is "
Equilibrium"
?
When there is a shortage or a surplus.
When the perfect price causes Qd to match Qs.
P = P
When the price for two products is the same.
15
On this crazy graph, what is happening with
Supply
?
It is shifting right (increasing).
It is staying the same.
It is doing its homework.
It is shifting left (decreasing).
16
What does the
Law of Supply
say? (2 answers!)
If the Price rises, the Quantity Supplied will fall.
If the Price falls, the Quantity Supplied will fall.
If the Price rises, the Quantity Supplied will rise.
If the Price falls, the Quantity Supplied will rise.
17
What is a "
Demand Schedule
"?
I dunno.
A chart that shows the Qd at various Prices.
A graph that illustrates the Law of Supply.
A chart that shows what time of day buyers will buy goods.
18
What is Mr. V.'s middle name?
Michael
James
Paco
Thomas
19
When the price of cows increases, Farmer Pete buys fewer cows.
What Law is he following?
The Law of Equilibrium
The Law of Supply
The Law of Scarcity
The Law of Demand
20
What is Mr. V.'s favorite breakfast food?
Oatmeal
Scrambled Eggs
Pancakes
A Bagel
