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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
12 terms
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Flashcards
12 cards
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Questions
12
Answers
1
True or false? If Price goes up, the Quantity Supplied goes down?
true
false
2
If the price of hamburgers goes up the demand for hamburger buns will go down. Why is this the case?
Due to the two goods being complementary goods.
Because that is how supply works.
Because that is how demand works.
Due to the two goods being substitute goods.
3
True or false? If Price goes up, the Quantity Demanded shifts left?
false
true
4
According to the law of supply, when the quantity supplied goes down that means that the price?
Went up
Did not move
Went down
5
According to the law of supply, when price goes up the quantity supply does what?
Stays the same
Down
Up
6
According to the law of demand, when the quantity demanded goes down that means that the price?
Did not move
Went up
Went down
7
A change in quantity supplied is brought about ONLY by change in what?
Taxes
Technology
Number of Sellers
Price
8
A supply curve can...?
Move up an down
Stay the same
Move left to right
merge with the demand curve
9
Which determinate does not belong to supply?
Technology
Preferences
Taxes
Number of Producers
10
As supply increases, the supply curve does what?
shifts to the left
moves up
moves down
shifts to the right
11
which determinate is shared between supply and demand?
number of sellers
expetations of future price
resource prices
preferences
12
Supply or Demand: Substitute goods?
Neither
Supply
Demand
