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Supply & Demand Flashcards | StudBud
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Supply & Demand
Supply & Demand
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A basic practice for supply and demand with helpful graphs
Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
According to the law of supply, as prices fall
Quantity supplied does not respond
Quantity demanded by consumers falls
Quantity supplied rises
Quantity supplied falls
2
When the supply curve shifts right, what happens to market price and quantity?
Price rises, quantity falls
Price falls, quantity rises
They both rise
They both fall
3
Which of the following might have cause the demand curve to shift right?
Consumer preferences for the product increases
The number of consumers fall
Resource costs drop
Consumer income falls
4
If the demand curve shifts left, what will happen to the market price and quantity?
They both go down
Price rises, quantity falls
Price falls, quantity rises
They both go up
5
When supply shifts to the left, what happens to market price and quantity?
They both go up
Price rises, quantity falls
They both go down
Price falls, quantity rises
6
In the market for ramen noodles (an inferior good), if consumer incomes rise then
Demand will stay the same
Demand will decrease
Demand will increase
Supply will increase
7
In the market for soda, consumers cut back on drinking sugary drinks shifts
Demand curve right
Supply curve left
Supply curve right
Demand curve left
8
Which of the following would
not
shift the demand curve?
preferences
income changes
price changes
demographic changes
9
According to the law of demand, as price rises
Consumers buy less
Producers sell more
Producers sell less
Consumers buy more
10
In the market for wheat, new technology improves farming and harvesting techniques shifting the
Supply curve right
Supply curve left
Demand curve left
Demand curve right
11
What is the best explanation for the change you see in the supply curve?
Subsidies to businesses fell
Production technology improved
Resource costs rose
Taxes rose
12
Which of the following is true about market equilibrium?
Quantity demanded equals quantity supplied
Quantity supplied is greater than quantity demanded
Quantity demanded is greater than quantity supplied
The market is unable to function
13
In the market for car tires, the cost producers pay for rubber and steel belting rises shifting
Demand curve left
Demand curve right
Supply curve right
Supply curve left
