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Supply and Demand (Econ)
Supply and Demand (Econ)
28 terms
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StudBud Administration
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#GSE #Economics
Flashcards
28 cards
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Questions
28
Answers
1
What could have caused the shift in the following supply an demand graph for ice cream?
national incomes increase 10%
an increase in the number of ice cream shops
a decrease in the national population
yogurt, a substitute for ice cream, decreases in price
2
What will happen to supply and demand for product X if: Technology increases
Supply decreases
Demand increases
Supply increases
Demand decreases
3
What will happen to supply and demand for product X if: Population decreases
Supply increases
Demand decreases
Demand increases
Supply decreases
4
Law of supply
P up, Qs down
P up, Qs up
5
What is occurring in the following supply and demand graph?
demand is decreasing
demand is increasing
supply is decreasing
supply is increasing
6
What will happen to supply and demand for product X if: More factories produce good X
Supply decreases
Supply increases
Demand increases
Demand decreases
7
Who determines demand?
Sellers
Buyers
8
When supply increases, the...
curve shifts left, prices rise
curve shifts right, prices rise
Curve shifts right, prices fall
curve shifts left, prices fall
9
What will happen to supply and demand for product X if: Price of a substitute goes down
Supply increases
Demand increases
Demand decreases
Supply decreases
10
What will happen to supply and demand for product X if: Consumer incomes increase
Supply decreases
Supply increases
Demand increases
Demand decreases
11
What will happen to supply and demand for product X if: Input costs for good X go down
Supply increases
Demand decreases
Supply decreases
Demand increases
12
Which of these is not a shifter of demand?
Tastes and preferences
Future expectations
Income
Change in price
13
Who determines supply?
Buyers
Sellers
14
When Demand increases the...
curve shifts right, prices fall
curve shifts right, prices rise
curve shifts left, prices rise
curve shifts left, prices fall
15
What will happen to supply and demand for product X if: Government adds regulations
Supply decreases
Supply increases
Demand increases
Demand decreases
16
Where on the graph is Quantity Supplied equal to Quantity Demanded
Surplus
Shortage
Equilibrium
17
Which factor will decrease the demand for a product?
An increase in the price of a substitute good
A decrease in the price of a complementary good
A decrease in the number of buyers
Increased popularity of a product
18
Law of demand: Price goes up. Qd goes
up
down
19
What will happen to supply and demand for product X if: Advertising is successful
Demand decreases
Demand increases
Supply increases
Supply decreases
20
Prices above equilibrium will lead to a
Shortage
Surplus
21
What changes both Quantity Supplied and Quantity Demanded?
A change in price
A change in the supply determinants
A change in the demand determinants
22
Prices below equilibrium will lead to a
Shortage
Surplus
23
What will happen to supply and demand for product X if: Taxes on production go up
Demand increases
Demand decreases
Supply increases
Supply decreases
24
What will happen to supply and demand if: Population increases
Demand decreases
Supply increases
Demand increases
Supply decreases
25
Where supply and demand curves meet is known as:
coincide
equal
equilibrium
connection
26
What will happen to supply and demand for product X if: Government adds subsidies
Supply increases
Demand decreases
Supply decreases
Demand increases
27
Law of demand
P up, Qd down
P up, Qd up
28
What will happen to supply and demand for product X if: Price of a compliment goes down
Supply decreases
Demand decreases
Demand increases
Supply increases
