Home Library Explore SAT

Home Library Explore SAT

Supply and Demand Flashcards | StudBud

Explore/Supply and Demand

Supply and Demand

7 terms·StudBud Administration·32 plays

Mr. Thomas's weekly Supply and Demand Quiz

Flashcards7 cardsFPractice quizPHost liveL

Questions 7

Answers

1
Which of the following is NOT one of the questions we ask to determine if demand is elastic?
Does it use a large portion of income?
Is it a necessity?
Can I make it myself?
Are there adequate substitutes available?
2
Which of the following is NOT one of the determinants of Demand?
Increase in Technology
Consumer Tastes (Fads)
Expectations
Change in Price of Substitutes
3
Which of the following would shift the demand curve for cowboy hats right?
The price of cowboy hats goes down
Incomes go up and they are an inferior good
The price of fedoras and visors (substitutes) goes up.
The cost of leather (use to make hats) goes down
4
Which of the following is NOT a determinant of Supply?
Change in Expectations
Change in Number of Producers
Change in Number of Consumers
Change in Worker Productivity
5
What would a perfectly inelastic demand curve look like?
A Perfect 45o Angle
It wouldn't be on the graph at all
Completely Flat
Complete Straight up and down
6
What does the Law of Demand state?
As price goes up, demand goes down.
As price goes up, Quantity demanded goes down.
As price goes up, Quantity demanded goes up.
As price goes up, demand goes up.
7
Gasoline, Milk, and Bread would all have which type of demand?
Burt Reynolds
Elastic
Inelastic
Unit Elastic