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Duplicate of 3.3 Supply, Demand and Equilibrium Flashcards | StudBud
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Duplicate of 3.3 Supply, Demand and Equilibrium
Duplicate of 3.3 Supply, Demand and Equilibrium
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This quiz covers Learning Outcome 3.3; Supply and Demand on the Junior Cycle Business Studies Course
Flashcards
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Questions
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Answers
1
Where supply and demand curves meet is known as:
equilibrium
connection
equal
coincide
2
Demand is the quantity of a good or service that buyers...
will purchase at various rates during a given time-period
will purchase at no rates during no specific time-period
will purchase at the same rates during a special time-period
no clue...
3
Market Equilibrium is when the demand curve?
Is at its highest value
Meets the Supply Curve
When there is a steady supply
Is at its lowest value
4
A demand curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
5
A shift in the supply curve to the rights means:
All of the above
the amount producers wish to sell at every price is the same
the amount producers wish to sell at every price increases
the amount producers wish to sell at every price decreases
6
Which of the following is not a factor affecting demand?
Tastes and preferences
Price of complements
Income
Number of producers
7
A table showing the quantities demanded for a good at various prices is a
factors affecting demand
demand schedule
law of demand
demand curve
8
Price has increased causing the supply curve to shift to the left.
True
False
9
A leftward shift of supply will:
increase equilibrium quantity.
decrease equilibrium quantity.
decrease demand.
increase demand.
10
At price of $2 what is the quantity demanded?
8 units
5 units
4 units
2 units
11
Equilibrium price is where the demand of a product/service is equal to the supply of a product/service.
False
True
12
What is the equilibrium price?
$40.00
$70.00
$60.00
$50.00
13
A table showing the quantities supplied of a good at various prices is a
factors affecting supply
supply schedule
law of supply
supply curve
14
Which of the following is NOT a factor that affects supply
Price of other goods
Changes in Technology
Changes in Income
Price of the good
15
A shift in a demand curve caused by factors that affects your willingness to purchase
True
False
16
When demand is greater than supply, a _________ will result
balance
shortage
surplus
equilibrium
17
Which of the following is NOT a factor that affects demand
Price of the good
Changes in Income
Price of other goods
Changes in Technology
18
What happens to the supply curve when the number of sellers decrease?
No change
It shifts right
It shifts left
No change
19
The quantity of goods/services consumers are willing to buy at various prices over a period of time is:
Demand
Supply
20
Which of the following is not a factor affecting supply ?
Income
Technology
Government actions
prices of other goods
21
Who determines demand?
Buyers
Sellers
22
The quantity of goods/services available to consumers to buy at various prices over a period of time is:
Demand
Supply
23
A graphical representation of a demand schedule is
law of supply
law of demand
demand curve
supply curve
24
Is the picture a demand Curve or demand schedule
Demand Curve
Market schedule
25
Price changes shift the demand curve
True
False
26
The equilibrium price and quantity would be...
P=$5, Q=6
P= $6, Q= 5
P= $5, Q=5
P = $5, Q= 4
27
What does a demand curve show
Nothing
The products
Amount buyers negotiate on
amount the buyers are willing to purchase from the price
28
Which of these factors may cause a shift in the demand curve?
A change in the size of the population
A change in trends and fashions
All of the above
Good or bad publicity
29
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
30
What label do you put on the x axis of a supply/demand curve (the horizontal axis or left/right axis)
Price
Supply
Quantity
Demand
31
What happens when the supply is high and the demand is low?
The Prices tend to fall
Prices go crazy and have a party
You have the equilibrium
The Prices tend to increase
32
what would happen on a supply and demand curve if a tax was put on materials?
the supply curve would shift to the left
the demand curve would shift to the right
the supply curve would shift to the right
the demand curve would shift to the left
33
A shift in the supply curve to the left means:
none of the above
quantity producers offer at every price will be high.
quantity producers offer at every price stays the same.
quantity producers offer at every price will be less.
34
What does equilibrium mean?
A point where P=QS
A point where QS=QD
A point where QS>QD
A point where QS<QD
35
What happens to a supply curve when the number of sellers increase
It shifts upward
It shifts leftward
It shifts rightward
It shifts downward
36
A graphical representation of a supply schedule is
law of supply
supply curve
demand curve
law of demand
37
When Creating a supply and demand curve how do you label each axis?
X=Quantity Y= number of buyers
X= number of buyers Y=number of sellers
X=Quantity Y=Price
X=Price Y= number of sellers
38
When supply is greater than demand, a _________ will result
equilibrium
surplus
balance
shortage
39
What is the equilibrium quantity?
7 units
4 units
2 units
5 units
40
What is the equilibrium price?
$2
$7
$5
$4
41
The law of demand states
As prices increase, supply increases
As prices increase, demand falls
As prices increase, supply falls
As prices increase, demand increases
42
What label do you put on the y axis of a supply/demand curve (the vertcial axis or up/down axis)
Price
Demand
Supply
Quantity
43
At price of $2 what is the quantity supplied?
4 units
7 units
2 units
5 units
44
Changes in price shift the supply curve, no matter what they are
False
True
45
A supply curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
46
The law of supply states
As prices increase, demand falls
As prices increase, demand increases
As prices increase, supply falls
As prices increase, supply increases
47
Consumer Tastes has a massive effect on product demand
True
False
48
What Causes a shift in the Demand
Consumer Tastes & Advertising
All of the above
income
Consumer Expectations
49
When the supply curve shifts, it changes the ____ and _____ of the equilibrium
quantity, demand
demand, supply
price, supply
price, quantity
50
A decrease in demand is shown graphically by
A movement down
A movement up
A shift to the left in the demand curve
A shift to the right in the demand curve.
51
At what price will 7 units be supplied to the market?
$7
$4
$2
$5
52
What happens when the Supply is low and the demand is high?
The price increaces
The price decreases
53
Locate the equilibrium
The supply line
The demand line
Where all the lines meet in the middle
The quantity
54
If the demand curve shifts to the left there has been an increase in demand.
True
False
