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Remote 2021- Supply and Demand Flashcards | StudBud
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Remote 2021- Supply and Demand
Remote 2021- Supply and Demand
27 terms
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StudBud Administration
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Get ready for the Supply and Demand Test!
Flashcards
27 cards
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Questions
27
Answers
1
All of the following factors affect the
demand
of a product
EXCEPT
for
fashions or tastes
price of inputs/resources
income
prices of substitutes
2
The economic rule stating that as prices rise, the quantity supplied rises
Law of Supply
Law of Demand
Equilibrium price
3
As prices rise, the quantity demanded goes down.
Law of diminishing utility
change in quantity demanded
Law of demand
Law of supply
4
Chipotle is building more locations. How does this affect the SUPPLY of burritos?
D
C
5
Which of the following are examples of complements?
used car and new car
butter and margarine
camera and film
Coca-Cola and Pepsi
6
Chipotle is building more locations. What is the reason or determinant for an increase in supply?
Technology
More Sellers
Change in Cost of Inputs
Productivity
7
The price at which the quantity demanded is EQUAL to the quantity supplied
equilibrium price
law of demand
law of supply
8
The price of
new
cars goes up. How will this affect the demand for
used
cars?
Increase in QUANTITY demand
Decrease in QUANTITY demanded
Decrease in Demand
Increase in demand
9
This TABLE shows the prices of a product and the quantities DEMANDED at each price
Demand schedule
Supply Schedule
Law of demand
change in quantity demanded
10
Quantity supplied is greater than quantity demanded (Extra)
Rationing
Shortage
Black market
Surplus
11
New technology increases efficiency in producing cars. What will happen to the supply of cars?
Increase in Supply
Decrease in Supply
12
Chipotle is building more locations. How does this affect the SUPPLY of burritos?
Decrease in quantity supplied
Increase in quantity supplied
Increase in supply
Decrease in supply
13
What is the reason for this increase in demand?
Change in Income
Change in the price of substitutes
Price
Change in the price of complements
14
Why is there an increase in the quantity demanded of apples?
Change in the price of substitutes
Change in the price of apples
Change in income
Change in price of complements
15
Which graph shows in the increase in supply of cars?
C
D
16
Average income drops. How does affect the demand for movie tickets?
Increase in Demand
Increase in Quantity Demanded
Decrease in Quantity Demanded
Decrease in Demand
17
WalMart has a sale on apples. How does this affect the demand for apples?
Increase in Demand
Decrease in Quantity Demanded
Increase in Quantity Demanded
Decrease in Demand
18
According to the
law of supply
, when the price of an item goes up, the quantity supplied
Stays at the same level
Falls
Rises
19
If the price of
NEW
cars goes up, then the demand for
USED
cars will
none of the above
decrease
stay the same
increase
20
According to the
law of demand
, higher prices prompt
consumers
to
Demand less of the product
Produce more of the product
Produce less of the product
Demand more of the product
21
Which of the following are examples of substitutes?
Baseball bat and glove
Pepsi and Coca-Cola
CD player and CDs
A camera and film
22
The relationship between price and quantity demanded is a(n)
inverse one
direct one
exclusive one
23
What reflects the relationship between quantity demanded and price?
As prices go up, quantity demanded goes up
As the supply goes up, the price goes up
As price goes down, quantity demanded goes up
As supply goes up, the price goes up
24
According to the substitution effect, if 2 items satisfy the same need& the price of one rises
People will buy the lower priced item
People will buy the higher priced item
The demand will go up for both products
People will not buy either product
25
What is the reason/determinant for this increase in SUPPLY?
Subsidies
Change in the cost of Inputs
Technology
Taxes
26
Average INCOME drops. How does affect the DEMAND for movie tickets?
Arrow points right
Arrow points left
27
WalMart has a sale on apples. How does this affect the demand for apples?
C
B
A
D
