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Supply & Demand
Supply & Demand
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StudBud Administration
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An economics Quiz to explain the basics of Supply and Demand
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
When we know the quantity of a product that buyers wish to purchase, we know?
excess demand
Demand
Supply
excess supply
2
Price ceilings are imposed increase price above the free market equilibrium price
False
True
3
If the price of a complement increases, all else equal,
quantity demanded will increase.
demand will increase.
demand will decrease.
quantity supplied will increase.
4
Supply is the quantity of a good sellers wish to sell each time the market opens
False
True
5
The equilibrium price clears the market; it is the price at which ________ _________
quantity demanded equals quantity supplied
Everything is sold
excess demand is zero
b and c
6
A supply curve is directly affected by
technology
government regulation
all of the above
input costs
7
If a price increase of good A increases the quantity demanded of good B, then good B is a
inferior good
bargain
complementary good
substitute good
8
Which of the following would lead to an INCREASE in the demand for golf balls?
An decrease in the price of golf balls.
none of the above
An increase in household income, they're a normal good
A decrease in the cost of producing golf balls.
9
An increase in price will cause a supply curve to shift to the left
False
True
10
If input prices increase, all else equal
supply will increase.
supply will decrease.
quantity supplied will decrease.
demand will decrease.
11
________ and ________ do not directly affect the demand curve
consumer incomes, tastes
the price of related goods, consumer incomes
the price of related goods, preferences
the costs of production, bank opening hours
12
Which of the following would decrease the supply of wheat?
An increase in the price of corn.
An increase in the demand for wheat.
none of the above
A decrease in the price of pesticides.
13
Which of the following will cause a change in quantity supplied?
Technological change.
A change in the number of firms in the market.
A change in input prices.
A change in the market price of the good.
14
A demand curve can shift because of changing
all of the above
prices of related goods
tastes
incomes
15
An increase in consumer income will increase demand for a ____ but decrease demand for a ____
normal good, complementary good
substitute good, inferior good
normal good, inferior good
inferior good, normal good
