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Supply and Demand Flashcards | StudBud
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Supply and Demand
Supply and Demand
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1
If a consumer gets a raise at work, what will happen to their demand for a product?
It will decrease
They will change stores
It will stay the same
It will increase
2
Tim Hortons released a new type of coffee. Sales have increased. What is the most likely product to also increase sales?
Pizza
Computers with the Tim Hortons website pulled up
Hammers
Donuts
3
What concept is defined as the desire, ability, and willingness to purchase a product?
Price
Want
Need
Demand
4
What is it called when a product’s supply meets demand?
Equilibrium price
Equality
Product symmetry
Market balance
5
What is a factor of brand loyalty
High quality products
Customer service
Shared values
Customer experience
6
What concept is defined as the amount of product available for any prices on the market?
Supply
Price
Cost
Demand
7
If the government placed a tax on all dairy products, what change would occur?
The supply would decrease
The supply would increase
The demand would increase
The demand would decrease
8
When eggs suddenly became a lot more expensive last month, what do you think the cause of this was?
Demand of consumers
Avian (bird) flu
Supply chain problems
Cost of production
9
When the price of a product increases, the demand:
decreases
increases
stops
stays the same
10
The price of iPhones stayed constant but quantity increased. What changed with supply and demand, respectively?
Increased, decreased
Decreased, increased
Decreased, decreased
Increased, increased
11
Why might demand for a product be elastic?
Supply of the product outweighs demand for it
Adequate substitutes for the product
Supply for the product is constant
The product’s price is high compared to the supply of it
12
The process to make tacos has resulted in more tacos being made for less money. Which of the following will it lead to?
change in supply
no change in either
change in supply and demand
change in demand
13
When the price of a product increases, the supply:
increases
stops
decreases
stays the same
14
Which is NOT a form of elasticity used to describe economic variables?
Elasticity of substitution between factors
Elasticity of intermporal substitution
Product elasticity
Cross-price elasticity
15
What is the law of supply and demand?
Consumption is the final goal of a product
All genuine laws of economics are logical laws
Prices are determined by the relationship between supply and demand
Expenditure is income and costs
