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Demand and Supply Flashcards | StudBud
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Demand and Supply
Demand and Supply
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#Demandandsupply
Flashcards
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Questions
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Answers
1
This is the idea that the more money you have the more of a good you can demand.
Law of increasing marginal utility
Substitute effect
Income effect
Complementary effect
2
Taxes placed on businesses will cause their supply curves too...
Stay the Same
All of the above
Shift to the right
Shift to the left
3
Which of these is the equation for calculating elasticity of demand?
% change of price / % change of quantity
P = TR - TC
% change of quantity/ % change of price
TC = FC + VC
4
This is the change in money brought in when you increase production by one unit
Marginal Increase
Marginal Profit
Marginal Returns
Marginal Revenue
5
A subsidy put on production of a good will cause the supply curve too...
Shift to the right
Shift to the left
Stay the same
Play Marco Polo with Marco Polo
6
These are costs that change depending on the quantity of goods produced.
Variable Costs
Fixed Costs
Substantive Costs
Initial Costs
7
Which of the following are complements
milk and cereal
coke and pepsi
Cows milk and almond milk
guns and butter
8
New technology will cause the supply curve too...
All of the above
Stay the same
Shift to the right
Shift to the left
9
This would cause a demand curve to shift.
all of the above
Consumer expectations
Income effect
Expectations change
10
A change in the number of consumers can cause…
The demand curve to shift
Inflation
The quantity demanded to shift
A substitution effect
11
Which of the following are substitutes?
Peanut Butter and Jelly
Cows Milk and Almond Milk
Guns and Butter
Milk and Cereal
12
How does the demand curve respond to an increase in demand?
The curve shifts right
The curve shifts to the left
There is no change in the curve
There is movement along the curve
13
This law states that the higher the price the fewer consumers are willing to buy.
Law of Demand
Law of Marginal Utility
Law of Supply
Law of Elasticity
14
What do we call the difference in output after adding an additional employee?
Diminishing Margin
Marginal Increase
Marginal Decrease
Marginal product of labor
15
When your percentage of increase in output is greater than the previous unit we call this a(n)
Increasing Marginal Return
Decreasing Marginal Return
Negative Marginal Return
Neutral Marginal Return
16
What two things do you need in order to DEMAND a good?
An ability to buy a product
The product in the market
Producers to sell a product
A willingness to buy a product
17
The idea that we have unlimited needs/wants with limited resources to meet them.
Supply
Elasticity
Demand
Scarcity
18
Which of the following would cause a change in the quantity demanded for a product?
Decreasing the price of the product
Changing consumer tastes
Increasing consumer income
Changing prices of related products
19
The demand for goods that are necessities tend to be...
Elastic
Inelastic
Realistic
Unit Elastic
20
The idea that producers are willing to produce more if the price is higher.
Law of demand
Law of consumer consciousness
Law of supply
Law of elasticity
21
Rent for your business is considered this type of cost
Fixed
Static
Variable
All of the Above
22
What is the equation for total revenue?
TR = P + Q
TR = FC + VC
TR = P(Q)
TR = FC(VC)
23
Fast food restaurants tend to be...
Elastic
Ecstatic
Inelastic
Unit elastic
24
A change in price for an item will cause the supply curve too...
Shift to the left
Shift to the right
Stay the same
The slope increases
