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Supply & Demand Flashcards | StudBud
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Supply & Demand
Supply & Demand
6 terms
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StudBud Administration
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Quiz on the basics of supply & demand
Flashcards
6 cards
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Practice quiz
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Questions
6
Answers
1
What is the key to a market?
There are both buyers and sellers
Buyers and sellers willingly decide to trade
Goods and services are being traded
There are buyers
2
In which situation would a shortage most likely occur?
The new Samsung phone keeps exploding
Everyone wants the new iPhone
Strawberry yield is super high this year
Amazon Prime now has a video streaming product
3
What will happen if there is a tomato shortage?
The price of tomatoes will fall
Number of buyers will rise
The price of tomatoes will rise
No one likes tomatoes so who cares
4
What is the Equilibrium Price and Quantity?
Price: 2.50; Quanitity: 800
Price 1.75; Quantity: 600
Price 1.50; Quantity: 600
Price 1.50; Quantity: 650
5
What happened to the S&D graph for video/DVD rentals (Blockbuster) after Netflix?
All of the above
Price went down
Quantity demanded went down
Demand curve shifted to the left
6
Which is a surplus?
B
A & B
None
A
