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Basic Demand and Supply Questions Flashcards | StudBud
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Basic Demand and Supply Questions
Basic Demand and Supply Questions
22 terms
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Quiz over concepts learned during our Unit of Demand and Supply
Flashcards
22 cards
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Questions
22
Answers
1
Amount of a good/service that producers are able and willing to sell at possible prices is the?
Law of Demand
Law of Supply
2
A study says tap water is better than bottled, this makes the demand curve for bottle H2O ____?
Shift Curve Right
Move Down Along Curve
Move Up Along Curve
Shift Curve Left
3
When price and quantity supplied move in same direction
Supply
Demand
4
When price and quantity demanded move in opposite directions
Demand
Supply
5
GM creates new fast drying paint, this will affect the supply curve how?
Move up along curve
Move down along curve
Shift curve to Left
Shift curve to Right
6
A huge increase in Immigrants moving to Ohio will do what to the demand curve?
Shift the Curve Left
Shift the Curve Right
Move down along the curve
Move up along the Curve
7
What phrase best describes the term utility?
None of the Above
A fancy word for demand
Satisfaction from a good or service
Varying methods of production
8
When graphed, the curve is an indirect relationship
Supply Curve
Demand Curve
9
School cafeteria increases the price of Lunches in order to make more, the supply curve will _?
Shift curve to the left
Shift curve to the Right
Move up along the curve
Move down along the curve
10
What Factor(s) play a role in Supply and Demand?
All of the Above
Diminishing Marginal Utility
Substitution Effect
Real Income
11
If Kroger sends out coupons for their milk, what will it do to the demand curve for Kroger Milk
Move up Along Curve
Shift Curve to Right
Shift Curve to Left
Move Down Along Curve
12
The demand curve for D.J.'s autograph will do what when D.J. increases the price he charges?
Shift curve Left
Shift curve Right
Move up along the curve
Move down along the curve
13
4 new movie rental stores open to compete with Blockbuster, this will ____ to the supply curve?
Move up along curve
Shift curve to the left
Shift curve to the right
Move down along curve
14
Markets in a free economy are based on what type of interaction between buyer and seller?
Voluntary
Involuntary
Neither
15
Butter becomes super expensive, this makes the demand curve for Margarine _____?
Move Down Along Curve
Shift Curve Right
Shift Curve Left
Move up along Curve
16
What happens to the demand curve if Luke loses his job?
Shift curve to the Right
Shift curve to the Left
Move down along the cure
Move up along the Curve
17
When graphed the curve is a direct relationship
Supply Curve
Demand Curve
18
Change in quantity demanded means you move where on the demand curve?
Move along the curve
Shift the Curve left or right
Curve disappears
19
The reason that the law of supply is a direct relationship is because of what?
Just is that way...its Economics
Demand creates an indirect relationship
The elasticity of the curve determines the slope of demand
Profit Incentives among suppliers
20
What term describes the concept of how much demand varies according to changes in price?
Price Elasticity of Demand
Law of Supply
Substitution Effect
Inelastic Demand
21
Jennie's business gets a tax cut from the gov't, her supply curve will___?
Shift curve to the right
Move down along the curve
Shift curve to the left
Move up along the curve
22
Amount of a good/service that consumers are able and willing to buy at possible prices is the ?
Law of Supply
Law of Demand
