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EC11 Week 2 Demand and Supply Flashcards | StudBud
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EC11 Week 2 Demand and Supply
EC11 Week 2 Demand and Supply
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1
Which of the following causes a movement along a demand curve?
Change in expectations
A change in income
A change in price of the same good
A change in price of a substitute
2
From Homework: Demand curve shifted to the left. What is the new market equilibrium.
E Price UP, E Quantity DOWN
E Price DOWN, E Quantity DOWN
E Price UP, E Quantity UP
E Price DOWN, E Quantity UP
3
Which of the following cause an increase in demand?
A fall in the price of a substitute good
A reduction in income and good is considered to be a normal good
A rise in the price of a complementary good
An increase in the number of consumers
4
All else equal, where you would expect to have the highest consumption of gasoline?
France
Germany
Spain
United States
5
Which of the following cause a shift in the demand curve?
A change in technology
A change in production cost
A change in the number of producers
A change in income
6
If the price of gasoline rises, what would you expect to happen?
People buy more
People buy less
7
Which of the following is the closest complement to a can of Coca Cola?
A can of Pepsi
A can of Sprite
Ice
A slice of lemon
8
According to the lecture video, which country has the cheapest gasoline?
Spain
Germany
France
United States
9
What is the difference between movement along the demand curve and shift of the demand curve
Movement - other factors affect, D changes, Shift - price affects, Qd chang
Movement - price affects, D changes; Shift - other factors affect, Qd chang
Movement - price affects, Qd changes; Shift - other factors affect, D chan
10
From Homework: Supply curve shifts to the right. What is the new equilibrium?
E Price DOWN, E Quantity UP
E Price UP, E Quantity UP
E Price DOWN, E Quantity DOWN
E Price UP, E Quantity DOWN
