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Supply, Demand, Elasticity Flashcards | StudBud
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Supply, Demand, Elasticity
Supply, Demand, Elasticity
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1
The law of supply states that producers will offer ________ of a good as its prices __________.
more; decrease
the same amount; decrease
more; increase
the same amount; increase
2
What is the typical impact of a price floor?
Shortage
Profits
Unemployment
Surplus
3
Which of the following would cause a consumer's demand curve to shift out?
An increase in price
Lowered expectations
An increase in income
A decrease in the price of substitute goods
4
Which term describes goods that are used in place of one another?
Twins
Parallel Goods
Substitutes
Complements
5
What is always listed on the vertical access of a supply and demand graph?
Quantity
Supply
Demand
Price
6
The price of computers rises. According to the law of supply, what will computer makers do?
make no changes in production
stop making computers
make more computers
make less computers
7
Which scenario would cause movement along the supply curve?
Increase in Expectations
Decrease in Competitors
Decrease in Production Costs
Decrease in Price
8
The equilibrium price and quantity in this market would be:
$1.60 and 290
$1.60 and 130
.50 and 300
$1 and 200
9
Which would cause the supply curve to shift to the left?
Productivity Increases
New Technology
Higher Taxes
Costs of Resources Fall
10
A change in the price of a good or service will change the...
quantity demanded
demand
11
Which of the following would NOT shift the demand curve?
Change in Number of Buyers
Change in Price
Change in Income
Change in Consumer Expectations
12
Which of the following would likely be the most inelastic?
Gas
Pork Chops
Apples
New Cars
13
What measures how much buyers will cut back or increase their demand when the prices rise/fall?
Total Income
Law of Demand
Elasticity of Demand
Demand Schedule
14
Rent control is an example of a...
Price Ceiling
Price Fixing
Price Floor
Monopoly
15
A demand curve slopes...
Downward
Upward
16
Which of the following would likely be the most elastic?
Milk
European Vacation
Table Salt
Insulin
17
When there is a shortage, what should be done?
decrease supply
increase price
decrease price
increase supply
18
What happens to equilibrium price when the demand curve shifts to the right?
it could go up or down
price goes down
price goes up
no change
19
Which of the following provides an example of complementary goods?
Pork and Beef
Coke and Pepsi
Peanut Butter and Jelly
Apples and Oranges
20
Which of the following would not shift the supply curve?
Taxes
Change in Consumer Income
Subsidies
Improvements in Technology
21
The law of demand says that when the price of a product rises, consumers will...
put their money in savings.
buy the same amount of it.
buy less of it.
buy more of it.
22
When the supply curve shifts outward, what is the effect on equilibrium price and quantity?
price increases; quantity increases
price increases; quantity decreases
price decreases; quantity increases
price decreases; quantity decreases
23
A price of $60 in this market will result in:
a surplus of 100.
a shortage of 100.
equilibrium.
market efficiency.
24
A shortage occurs when...
a price floor is put in place.
supply equals demand.
demand exceeds supply.
supply exceeds demand.
25
The ideal price level is known as what?
Elasticity
Equilibrium
Equilateral
Equalizer
