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Supply and Demand
Supply and Demand
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A #Econ review on #supply and #demand
Flashcards
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Answers
1
The Law of Demand States
As price increases, quantity demanded decreases.
Price changes have no effect on quantity demanded.
As price increases, quantity demanded increases.
As price decreases, quantity demanded decreases.
2
Which of the following are complementary goods?
Skittles and M&Ms
iPhone and Samsung Galaxy
Chips and Salsa
Apples and Oranges
3
The Law of Supply states
As price decreases, quantity supplied increases.
As price decreases, quantity supplied decreases.
As price increases, quantity supplied increases.
Price changes have no effect on quantity supplied.
4
Which city would have the greater demand for fast food?
Des Moines (215,000)
Chicago (2.7 million)
New York City (8.5 million)
Urbandale (43,000)
5
What is the equilibrium price in the graph below?
$6
$2
$10
6
Cost of lemons soars. How does this impact the supply of lemonade?
Decrease
No chang
Increase
7
Giordanos, a Chicago pizza chain opens in Des Moines. How does this impact the supply of pizza?
No change
Increase
Decrease
8
If there is a shortage, this is an indicator to...
Keep the price the same
Raise the price
Lower the price
9
Chevy installs new technology at its factory increasing productivity. Impact on supply of cars?
No change
Increase
Decrease
10
More people buying Cubs gear after the World Series references which demand shifter?
Consumer Tastes
Income
# of Consumers
Complements
11
If there is a surplus, this is an indicator to...
Keep the price where it is at
Raise the price
Lower the price
12
Fresh pears and canned pears are examples of which demand shifter?
Income
Complements
Substitutes
Consumer Tastes
