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Demand and Supply Shifts Flashcards | StudBud
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Demand and Supply Shifts
Demand and Supply Shifts
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Answers
1
College is out for summer what happens to equilibrium for local restaurants?
increase in price and decrease in quantity
decrease in price and quantity
decrease in price and increase in quantity
increase in price and quantity
2
When college students leave town for the summer, demand for meals at local restaurants, why?
subsitution
popluation
income
tastes
3
If a new tax is placed on the purchase of alcohol what happens to market for alcohol
supply shifts left
a price floor is created
the demand shifts left
demand shifts right
4
When a price ceiling is imposed above the equilibrium price,
a shortage
a sale
the equilibrium prevails
a surplus
5
If the demand shifts to the right, then we move up and to the right along the supply curve
false
true
6
What happens in the market of airline tickets when cost of traveling by rail decreases? (SUB)
supply shifts right
demand shifts left
demand shifts right
supply shifts left
7
The supply curve is upward sloping because
as price increase so do costs
none of these
as price increases, consumers demand less
as price increase suppliers can make more per unit
8
Cost of computer components fall, then...
demand for computers shifts left
supply of computers shifts right
demand for computers shifts right
supply of computers shift left
9
The following would shift demand for automobiles to the right EXCEPT
factory gives a big raise
none of these
brand new automobile dealership opens in town
price of gas falls
10
If the cost of making bicycles falls, the price goes down, causing the demand to shift right.
true
false
