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Supply and Demand Review Flashcards | StudBud

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Supply and Demand Review

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Economics class #supplyanddemand

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Questions 12

Answers

1
What is a determinant of Demand?
changes in style and color
all of these
changes in expectations of buyers
changes in income
2
A surplus exists when
there is more supply than demand
supply and demand are equal
there is more demand than supply
3
A market exists when____________.
buyers and sellers exchange goods and services
nothing is exchanged
you barter for what you want
something is demanded
4
when a price maximum is set you have created a
price floor
price ceiling
5
when a price minimum is set you have created a
price ceiling
price floor
6
When the price of a resource changes, the cost of the good or service changes.
True
False
7
A shortage exists when
there is more supply than demand
there is more demand than supply
demand and supply are equal
8
Consumers want to buy at the highest price.
True
False
9
Producers want to sell at the highest price.
True
False
10
What is supply?
The good or service for sale
cost
Water, land or labor
profit
11
______________ is the amount consumers pay for a good or service.
cost
profit
revenue
price
12
What is Demand?
just want to buy stuff
the willingness to buy specific quantities of a good
when you want to buy something that is too expensive
the desire to buy something cheap