willingness and ability to buy item

A change in the price of the good

Will result is a change in quantity supplied

If the price of film goes up, the

the demand for cameras will go down

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Supply and Demand CCMicroeconomics

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Questions 17

Answers

1
The legal maximum you can charge for a good or service is a
price ceiling
price floor
minimum wage
rent control apartments
2
A shortage occurs
when the price is too high
when the price is too low
when the price is market equilibrium
3
A increase in demand will result in a __________________ market price?
higher
lower
unchanged
4
Demand is
adequate supply of the good.
having the income but do not want the item
willingness and ability to buy item
5
The law of demand states that as price increases
demand decreases
the quantity demand decreases
demand increases
quantity demand increases
6
A decrease in supply will result in a _____________ market price.
unchanged
higher
lower
7
If you expect the price of cars to increase next year, you will likely
sell my car now
wait and buy a car later
buy a car now
I don't have a car and this is stupid
8
A change in the price of the good
Will create a change in supply
is a non price determinant of supply
Will result is a change in quantity supplied
Cause a shift in the supply curve
9
When a surplus exists
demand is greater than supply
supply is the same as demand
supply is greater than demand
10
Which would show an increase in supply?
A movement along the demand curve
Supply curve shifts left
Demand curve shifts right
Supply curve shifts right
11
A change in quantity supplied is due to
TIRES
Price Change
TIGERS
12
The demand curve has a
positive slope
horizontal line
negative slope
13
If the price of film goes up, the
demand for camera will go up
the quantity demand of cameras decreases
the quantity demand of camera increases
the demand for cameras will go down
14
Businesses buy their factors of production in
factor market
product market
national market
15
Which of the following would increase the demand for new shoes?
price of socks increases
income increases
cost of production
people move out of the community
16
If the demand for skittles increases, what will happen to the market equilibrium price?
decrease
remain unchanged
increase
17
Which will likely cause a decrease in supply of pizzas?
Increase price of pepperonis
Decrease price in sauce
Wages drops for workers
More pizza restaurants in town

Supply and Demand CCMicroeconomics Flashcards | StudBud