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Supply & Demand II Flashcards | StudBud
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Supply & Demand II
Supply & Demand II
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Answers
1
A new popular smart phone is just released to the market , which way will the graph shift?
A decrease in demand
An increase in demand
2
There are few sellers in the market & high market entry barriers & some product differentiation
Monopoly
Demand Schedule
Supply Curve
Oligopoly
3
A 50% discount on Dallas Cowboys tickets, which way will the graph shift?
A decrease in demand
Haters are really closet Cowboy fans
An Increase in Demand
Even the haters want to see America's Team
4
One single seller of goods, complete barriers to enter the market & no product differentiation
Monopoly
Lone Wolf
Franchise
Oligopoly
5
If pricegoes up, quantity demanded will decrease
False
True
6
A company going bankrupt due to public opinion/boycotts is an example of
Price Determinants of Demand
Non Price Determinants of Demand
Determinants of Demand
7
As the price goes down, the quantity demanded will increase
False
True
8
Supply - goods and services that a producer is willing to ?
Give away
Sell
Lend
Demand
9
The intersection of the demand and supply curves shows the
da point
"X"
focal point
equilibrium
10
What is the equilibrium price of a flu shot?
$110
$25
11
What is the equilibrium price of a semester of "a college"?
$1500
$800
$2000
$1200
12
Competition brings us the best product at the lowest price.
False
True
13
Designer purses triples in price from $350 to $1000, how are supply n demand affected?
Supply will decrease, and demand will go down
Supply will decrease, and demand will go up
Supply will increase, and demand will go down
14
What is the equilibrium price of pizza?
$5
$500
$15
$10
15
If price change is larger than the change in quantity demanded, aka "inelastic demand”
True
False
16
The law of supply - As price increases, quantity supplied will increase
True
False
17
The price of gas increases from $2.97 to $4.80 a gallon. What happens to the demand for gas
There is an increase
There is a decrease
18
When prices change by small % & demand for product changes by large %, aka elasticdemand”
True
False
19
Most buyers want lowprices so we can say that
as price goes down quantity demanded will increase
as price goes up quantity demanded will increase
as price goes down quantity demanded will decrease
20
The law of supply as pricedecreases, quantity supplied will decrease.
False
True
21
Zoning Laws are examples of Gov't restrictions on business & individual property
False
True
22
Demand is the goods and services a consumer is willing and able to
giveaway at variousprices
sell
purchase at variousprices
trade at variousprices
23
Building safety & sanitation are e.g. of Gov't restrictions on business & individual property
False
True
