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Supply and Demand part 1 Flashcards | StudBud
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Supply and Demand part 1
Supply and Demand part 1
18 terms
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StudBud Administration
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375 plays
Tests knowledge of basic supply and demand principles #supplydemand
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
If a price is set below the equilibrium, result is a...
rise in demand
surplus
drop in supply
shortage
2
A supply curve...
Represents numbers of customers
Represents the law of demand
Represents suppliers responses to various prices
Represents consumers responses to various prices
3
This graph shows...
Supply increasing
Supply decreasing
Demand increasing
Demand decreasing
4
A study comes out that says pizza causes cancer. This will affect...
The cost of pizza ingredients
The demand for pizzas
The supply of pizzas
5
A surprise freeze destroys half the citrus crop in Florida. This affects...
Prices
Supply
Demand
6
This graph shows...
Supply decreasing
Demand increasing
Supply increasing
Demand decreasing
7
This graph shows...
Supply increasing
Supply decreasing
Demand decreasing
Demand increasing
8
(True or False) When demand goes up, supply goes down.
True
False
9
In a free market, supply and demand...
Sets prices
Determines which goods and services are made
controls government costs
Determines costs to suppliers
10
In a free market, prices...
Are set by government
Determine who gets goods and services
Do not affect the government
Help business determine costs
11
(True or False) When prices goes down, demand goes up.
True
False
12
When the line moves to the new position...
Supply decreases
Demand increases
quantity decreases
price decreases
13
True or false -- supply and quantity supplied are the same
false
true
14
When the line moves to the new position...
Price decreases
supply increases
quantity increases
demand increases
15
This graph shows...
Supply increasing
Supply decreasing
Demand decreasing
Demand increasing
16
The law of supply says that...
As price goes up, quantity supplied goes up
As price goes down, quantity supplied goes up
As price goes up, demand goes down
As price goes up, supply goes up
17
A demand curve...
Represents suppliers responses to various prices
Represents the law of supply
Represents numbers of customers
Represents consumers responses to various prices
18
If a price is set above the equilibrium, result is a...
rise in demand
surplus
shortage
drop in supply
