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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
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Review for Chapter 5/6 Test
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
The NICEST factors result in
A shift right/left on the supply curve
A shift right/left on the demand curve
Movement along the demand curve
A change in quantity demanded
2
A legal limit on the number of units of a foreign-produced good that can enter a country is a
Quota
Subsidy
Tariff
Government Regulation
3
Pizza Curve: The increase in the median income for the citizens of a city is represented by
D2 to D1
S2 to S1
S1 to S2
D1 to D2
4
What happens to the supply curve for burgers in Strongsville when B Spot closes?
shift left
movement along curve
shift right
5
The SPRITES factors will result in
A shift in demand
A change in quantity supplied
none of the above
A shift in supply
6
What happens to the supply curve of ice cream when the price of ice cream increases
shift left
movement along curve
shift right
7
Pizza Curve: A decrease in the cost of cheese is represented by
D1 to D2
P1 to P2
S2 to S1
S1 to S2
8
A change in price will result in
A change in quantity supplied & quantity demanded
A change in quantity supplied
A demand shift
A change in quantity demanded
9
Pizza Curve: The price of calzones decreases, is represented by
S1 to S2
S2 to S1
D1 to D2
D2 to D1
10
The point where the supply and demand curves interesect is known as
equilibrium point
unit elastic
elastic
surplus
11
What is the result of the demand curve of pancakes when waffles become more expensive?
Movement along curve
Shift right
Shift left
12
At the current price (point P), there is a(n)
equilibrium
surplus
none of the above
shortage
13
An improvement in technology will result in
the supply curve shifting to the left
the supply curve shifting to the right
the price moving along the supply curve
a shift to the demand curve
14
What change is depicted in the following image?
Shift in supply (increase & decrease)
elastic and inelastic supply
Change in quantity supplied
Shift in demand (increase & decrease)
15
A decrease in the number of consumers (population) will result in
a movement along the demand curve
a shift of the demand curve
the supply curve shifting to the right
the supply curve shifting to the left
