Unit 2 Supply & Demand Reviewoot

Question 1

All of the following could potentially shift the SUPPLY curve EXCEPT

Accepted Answer

number of buyers

Question 2

Imagine the pizza market. If the cost of wheat, used to make dough, increases then which graph would most likely occur?

Accepted Answer

Graph D

Question 3

If prices are above the equilibrium point (too high) then the supplier will end up with a

Accepted Answer

surplus

Question 4

War breaks out and the global supply of oil decreases, the price of gasoline in the United States would?

Accepted Answer

go up.

Question 5

What happens to the market for oranges when a cold snap hits Florida?

Accepted Answer

supply goes down and prices go up.

Question 6

A table that shows the relationship between the price of a good and how much a supplier is willing to sell is the

Accepted Answer

supply schedule

Question 7

The "stuff" that sellers are willing and able to sell is known as

Accepted Answer

supply

Question 8

Supply and demand ultimately determine the ______ equilibrium and _______ equilibrium of a product.

Accepted Answer

price/quantity

Question 9

Based on the law of supply, when consumers are willing to pay high prices for products, the quantity supplied

Accepted Answer

increases.

Question 10

There is a huge surplus of unsold houses on the market. How will the surplus of unsold houses affect their price?

Accepted Answer

brought the price of the homes down

Questions 10