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Supply and Demand Review Flashcards | StudBud
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Supply and Demand Review
Supply and Demand Review
40 terms
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StudBud Administration
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36 plays
Use before teaching equilibrium
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
Which of the following is not a factor affecting supply ?
Productivity
Prices of Related Goods
Government Regulations
Taxes and Subsidies
2
A demand curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
3
If the demand curve shifts to the left there has been an increase in demand.
True
False
4
Which of the following is NOT a factor that affects supply
Changes in the Cost of Inputs
Changes in Expectations of Future Prices
Changes in Technology
Changes in Consumer Population
5
The quantity of goods/services available to consumers to buy at various prices over a period of time is:
Demand
Supply
6
A shift in the supply curve to the left means:
quantity producers offer at every price will be high.
quantity producers offer at every price stays the same.
none of the above
quantity producers offer at every price will be less.
7
At price of $2 what is the quantity demanded?
5 units
8 units
4 units
2 units
8
Price has increased causing the supply curve to shift to the left.
True
False
9
What label do you put on the y axis of a supply/demand curve (the vertcial axis or up/down axis)
Demand
Quantity
Price
Supply
10
Quantity in the context of the supply curve means..
The amount consumers are buying
The price that sellers want to sell as
The price that consumers want to buy as
The amount that's supplied by the business
11
A graphical representation of a supply schedule is
law of demand
law of supply
demand curve
supply curve
12
Demand is the quantity of a good or service that buyers...
will purchase at the same rates during a special time-period
will purchase at various rates during a given time-period
will purchase at no rates during no specific time-period
no clue...
13
What does a demand curve show?
The products
amount the buyers are willing to purchase at various prices
Amount buyers negotiate on
Nothing
14
Price changes shift the demand curve
True
False
15
Which of the following is not a factor affecting demand?
Price of Substitutes
Expectations of Future Prices
Productivity
Price of Complements
16
What happens to the supply curve when taxes increase or subsidies decrease?
No change
It shifts left
It shifts right
No change
17
A supply curve is
negative sloping (downwards from top left to bottom right)
positive sloping (upwards from bottom left to top right)
18
A shift in a demand curve caused by factors that affects your willingness to purchase a good or service
True
False
19
Who determines demand?
Buyers
Sellers
20
A shift in the supply curve to the right means:
the amount producers wish to sell at every price increases
All of the above
the amount producers wish to sell at every price decreases
the amount producers wish to sell at every price is the same
21
Which of the following is NOT a factor that affects demand
Changes in Technology
Changes in Taste
Changes in Income
Changes in the Price of Related Goods
22
A decrease in demand is shown graphically by
A movement down
A movement up
A shift to the right in the demand curve.
A shift to the left in the demand curve
23
At what price will 7 units be supplied to the market?
$7
$2
$5
$4
24
The law of supply states
As prices increase, demand falls
As prices increase, supply falls
As prices increase, demand increases
As prices increase, supply increases
25
Is the picture a demand Curve or demand schedule
Market schedule
Demand Curve
26
What happens to a supply curve when the number of sellers increases?
It shifts upward
It shifts downward
It shifts leftward
It shifts rightward
27
A table showing the quantities demanded for a good at various prices is a
law of demand
factors affecting demand
demand schedule
demand curve
28
Changes in price shift the supply curve
True
False
29
A table showing the quantities supplied of a good at various prices is a
supply curve
factors affecting supply
law of supply
supply schedule
30
At price of $2 what is the quantity supplied?
5 units
7 units
2 units
4 units
31
When Creating a supply and demand curve how do you label each axis?
X= number of buyers Y=number of sellers
X=Price Y= number of sellers
X=Quantity Y=Price
X=Quantity Y= number of buyers
32
The law of demand states
As prices increase, demand increases
As prices increase, supply falls
As prices increase, demand falls
As prices increase, supply increases
33
Guess which quantity is the "equilibrium" quantity.
7 units
5 units
2 units
4 units
34
What do you think will happen when the supply of hats increases and the demand for hats decreases?
Unknown; there is not enough information to answer this question
Hat prices will decrease
Hat prices will stay the same
Hat prices will increase
35
What label do you put on the x axis of a supply/demand curve (the horizontal axis or left/right axis)
Supply
Demand
Quantity
Price
36
A graphical representation of a demand schedule is
supply curve
law of supply
demand curve
law of demand
37
The quantity of goods/services consumers are willing to buy at various prices over a period of time is:
Demand
Supply
38
Guess what price is considered the "equilibrium" price.
$2
$7
$5
$4
39
Consumer Taste has a massive effect on product demand
True
False
40
Which of these factors may cause a shift in the demand curve?
Good or bad publicity
A change in the size of the population
A change in trends and fashions
All of the above
