A decrease in the price of cereal will cause a

the demand curve for milk to shift to the right

An increase in the price of tomatoes will cause a

decrease in the supply of pizza

Demand curve shift right; quantity supplied will increase

Supply curve will shift left; Qd will decrease

The Law of Demand basically says that as the price of a good increases...

consumers will buy less of that good

What Unit 2 Review WS-question 6 says

turkey sandwiches; Supply; supplied

Demand curve shift right; quantity supplied will increase

The Law of Supply basically says that as the price of a good increases...

producers will supply more of that good

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Unit 2 Review

23 termsStudBud Administration272 plays

Curves, #elasticity, #shifts, #pricefloors, #priceceilings-supply & demand #marketstructures

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Questions 23

Answers

1
A decrease in the price of cereal will cause a
the demand curve for milk to shift to the left
the demand curve for milk to shift to the right
the equilibrium price for milk to remain the same
the supply curve for milk to shift to the right
2
What is the equilibrium price and quantity in the graph?
55000; 18
60000; 15
55000; 12
60000; 14
3
Question 12
None of the above
Both of the above
Households buy goods & services from firms
Firms sell goods & services to households
4
This has one seller & the highest barriers to entry w/the most control over prices
Perfect Competition
Monopoly
Monopolistic Competition
Oligopoly
5
An increase in the price of tomatoes will cause a
increase in the supply of pizza
decrease in the demand for cereal
increase in the demand for soup
decrease in the supply of pizza
6
Question 21
Supply curve will shift left; Qd will decrease
Demand curve shift right; quantity supplied will increase
Supply curve will shift right; Qd will increase
Demand curve shift left; quantity supplied will decrease
7
Question 20
Demand curve shift left; quantity supplied will decrease
Demand curve shift right; quantity supplied will increase
Supply curve will shift right; Qd will increase
Supply curve will shift left; Qd will decrease
8
Chips and salsa are _; this means that if chips increase in price, Qd of salsa will _
Substitutes; increase
Complements; decrease
Complements; increase
Substitutes; decrease
9
When there's agreement on the quantity of Chipotle supplied with the Qd of Chipotle, there is _
equilibrium
a shortage
a surplus
peace on earth
10
The Law of Demand basically says that as the price of a good increases...
the more suppliers there will be
consumers will buy less of that good
consumers will buy more of that good
producers will supply more of that good
11
Nike, Adidas, Converse, Reebok, etc. offer slightly different kinds of shoes in this structure.
Monopolistic Competition
Monopoly
Perfect Competition
Oligopoly
12
Question 16
price ceiling
shortage
surplus
equilibrium
13
Little Caesars selling more pizza when they lower their prices is an example of ...
Law of Demand
a price floor
a price ceiling
Law of Supply
14
Question 7 in your Unit 2 Review
price ceiling
neither
both
price floor
15
What Unit 2 Review WS-question 6 says
turkey sandwiches; Supply; supplied
turkey sandwiches; Supply; demanded
turkey sandwiches; Demand; demanded
turkey sandwiches; Demand; supplied
16
Question 19
Demand curve shift left; quantity supplied will decrease
Supply curve will shift left; Qd will decrease
Demand curve shift right; quantity supplied will increase
Supply curve will shift right; Qd will increase
17
What you can conclude if the equilibrium price of a good drops & equilibrium quantity decreases
Supply decreased
Supply increased
Demand decreased
Demand increased
18
Question 13
Both of the above
Households provide their resources to firms
None of the above
Firms pay households for their resources (i.e. land, labor)
19
Question 18
Automobiles
Computers
Bananas
Life-Saving medication
20
Which of the following has the most elastic supply?
water
legos
cars
wheat
21
The Law of Supply basically says that as the price of a good increases...
the more suppliers there will be
consumers will buy more of that good
consumers will buy less of that good
producers will supply more of that good
22
Question 9 in your Unit 2 Review
substitute; decrease
complement; increase
complement; decrease
substitute; increase
23
Perfect competition exists when...
There are low barriers to entry
Many firms compete against each other
All of the above
Identical products are for sale

Unit 2 Review Flashcards | StudBud