A shift in the demand curve to the right means:

quantity consumers demand at every price will increase

What is the law of supply?

As price increases, quantity increases

two good that are bought and used together

A shift in the supply curve to the left means:

quantity producers offer at every price will be less.

Quantity supplied is less than quantity demanded

A shift in the supply curve to the right means:

the amount producers wish to sell at every price increases

A shift in the demand curve to the left means:

quantity consumers demand at every price will decrease

Where supply is equal to demand

What is the law of demand?

As price increases, quantity decreases

Quantity supplied is more than quantity demanded

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Econ Supply and Demand Review

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Questions 20

Answers

1
A shift in the demand curve to the right means:
quantity consumers demand at every price will decrease
none of the above
quantity consumers demand at every price stays the same.
quantity consumers demand at every price will increase
2
What is the law of supply?
As price increases, quantity decreases
As price increases, quantity increases
3
The demand curve on a supply/demand graph is:
downward sloping
upward sloping
horizontal
vertical
4
Complement goods are
Two goods that are bought in place of one another
goods that demand decreases when income increases
goods that demand increases when income decreases
two good that are bought and used together
5
A shift in the supply curve to the left means:
quantity producers offer at every price will be high.
none of the above
quantity producers offer at every price stays the same.
quantity producers offer at every price will be less.
6
What is shortage?
Quantity supplied is more than quantity demanded
Too much supply
Quantity supplied is less than quantity demanded
Too high of a price
7
When price increases, what shift does demand make?
Demand does not shift
Demand shifts to the right
Demand shifts up
Demand shifts to the left
8
If demand changes easily, a good is inelastic
False
True
9
The supply curve on a supply/demand graph is:
vertical
horizontal
upward sloping
downward sloping
10
Producers set price
False
True
11
A shift in the supply curve to the right means:
the amount producers wish to sell at every price is the same
the amount producers wish to sell at every price decreases
All of the above
the amount producers wish to sell at every price increases
12
All of the following could potentially shift the SUPPLY curve EXCEPT
input costs
number of sellers
number of buyers
future expectations of prices
13
A shift in the demand curve to the left means:
quantity consumers demand at every price will increase
quantity consumers demand at every price will decrease
quantity consumers demand at every price stays the same.
none of the above
14
What is equilibrium?
Where price is equal to supply
Where price is equal to quantity
Where supply is equal to demand
Where demand is more than supply
15
What is the law of demand?
As price increases, quantity increases
As price increases, quantity decreases
16
What is surplus?
Too much demand
Too low of a price
Quantity supplied is less than quantity demanded
Quantity supplied is more than quantity demanded
17
Which of these factors may cause a shift in the demand curve?
A change in trends and fashions
Good or bad publicity
A change in the size of the population
All of the above
18
Consumers set price
True
False
19
Producers and consumers set price
True
False
20
Elasticity is determined by all except...
Luxury
Price
Alternatives
Necessity

Econ Supply and Demand Review Flashcards | StudBud