Sam is willing to sell his house for $200,000. The market price of his home is $350,000.

His producer surplus is $150,000

The height of the supply curve represents

the marginal cost of production

Why do demand curves have a negative slope?

People seek ways to satisfy their demand at lower cost

A farmer can produce soybeans and corn. If the price of soybeans rises,

The supply of corn will decrease

Producer surplus is located

above the supply curve and below the price

The height of the demand curve represents

the marginal value of a particular unit

A movement along a demand curve is caused by

a change in the price of the good

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Supply and Demand

15 termsStudBud Administration15,834 plays

Supply and Demand

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Questions 15

Answers

1
All of the following are supply shifters except
Cost of Inputs
Price of an alternative product
Taxes
Price of complementary goods
2
Sam is willing to sell his house for $200,000. The market price of his home is $350,000.
His producer surplus is 0
His producer surplus is -$150,000
His consumer surplus is $150,000
His producer surplus is $150,000
3
The height of the supply curve represents
the marginal benefit of production
the total cost of production
the marginal cost of production
the total benefit of production
4
If the price of cereal rises, this will cause
An increase in demand for milk
A mooo_vement along the demand curve for milk
a shift in the demand curve for cereal
A decrease in demand for milk
5
If income decreases, the demand for an inferior good
will increase
will decrease
will remain unchanged
6
Jay is willing to pay $30 for a book but the price is $40. What is his consumer surplus?
-$10
$30
$10
0
7
Why do demand curves have a negative slope?
As prices rise, quantity supplied falls
As prices rise, quantity demanded falls
People seek ways to satisfy their demand at lower cost
That's just the way it is
8
A farmer can produce soybeans and corn. If the price of soybeans rises,
The supply of corn will decrease
The supply of soybeans will increase
The supply of corn will increase
The supply of soybeans will decrease
9
Producer surplus is located
above the supply curve and below the price
below the supply curve and above the price
below the demand curve and above the price
above the supply curve and above the price
10
If buyers expect the price of a good to rise in the future, they will
Quantity demanded will increase today
Quantity supplied will increase today
Demand will increase today
Supply will increase today
11
The height of the demand curve represents
the total value of all units
the total cost of all units
the marginal value of a particular unit
the marginal cost of a particular unit
12
Which of the following would increase the demand for a normal good?
Rise in price of substitute
A fall in income
Fall in price of substitute
A fall in price of the good itself
13
A movement along a demand curve is caused by
a change in tastes and preferences
a movement in a supply curve
a change in the price of the good
a change in income
14
A tunafish lasagna was bought for $15 and can be resold for $0.01.How much of the cost is sunk?
$0.01
$14.99
$0
$15
15
Why is the chef so mean?
Because he is from Hell's Kitchen
All of the above
Because he beat the eggs
Because he whips the cream

Supply and Demand Flashcards | StudBud

Supply and Demand

15 termsStudBud Administration15,834 plays

Supply and Demand

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
All of the following are supply shifters except
Cost of Inputs
Price of an alternative product
Taxes
Price of complementary goods
2
Sam is willing to sell his house for $200,000. The market price of his home is $350,000.
His producer surplus is 0
His producer surplus is -$150,000
His consumer surplus is $150,000
His producer surplus is $150,000
3
The height of the supply curve represents
the marginal benefit of production
the total cost of production
the marginal cost of production
the total benefit of production
4
If the price of cereal rises, this will cause
An increase in demand for milk
A mooo_vement along the demand curve for milk
a shift in the demand curve for cereal
A decrease in demand for milk
5
If income decreases, the demand for an inferior good
will increase
will decrease
will remain unchanged
6
Jay is willing to pay $30 for a book but the price is $40. What is his consumer surplus?
-$10
$30
$10
0
7
Why do demand curves have a negative slope?
As prices rise, quantity supplied falls
As prices rise, quantity demanded falls
People seek ways to satisfy their demand at lower cost
That's just the way it is
8
A farmer can produce soybeans and corn. If the price of soybeans rises,
The supply of corn will decrease
The supply of soybeans will increase
The supply of corn will increase
The supply of soybeans will decrease
9
Producer surplus is located
above the supply curve and below the price
below the supply curve and above the price
below the demand curve and above the price
above the supply curve and above the price
10
If buyers expect the price of a good to rise in the future, they will
Quantity demanded will increase today
Quantity supplied will increase today
Demand will increase today
Supply will increase today
11
The height of the demand curve represents
the total value of all units
the total cost of all units
the marginal value of a particular unit
the marginal cost of a particular unit
12
Which of the following would increase the demand for a normal good?
Rise in price of substitute
A fall in income
Fall in price of substitute
A fall in price of the good itself
13
A movement along a demand curve is caused by
a change in tastes and preferences
a movement in a supply curve
a change in the price of the good
a change in income
14
A tunafish lasagna was bought for $15 and can be resold for $0.01.How much of the cost is sunk?
$0.01
$14.99
$0
$15
15
Why is the chef so mean?
Because he is from Hell's Kitchen
All of the above
Because he beat the eggs
Because he whips the cream