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Unit 2: Supply and Demand and Market Structures Flashcards | StudBud
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Unit 2: Supply and Demand and Market Structures
Unit 2: Supply and Demand and Market Structures
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Study guide for unit 4 of economics: supply and demand
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Who determines demand?
Sellers
Buyers
2
When a company sells a product below cost to drive competitors out of the market:
Predatory Pricing
Antitrust
Price Lowering
Monopoly
3
Who determines supply?
Sellers
Buyers
4
Demand of a good or service is inelastic if...
firms stop producing the good or service
the quantity demanded does not change
the demand can increase or decrease
firms increase the price of the good or service
5
What is one determinant of demand
# of sellers
# of buyers
Technology
Input Price
6
Law of demand
Price Goes Up and Quantity Supplied Goes Down
Price Goes Up and Quantity Demanded Goes Down
Price Goes Up and Quantity Supplied Goes Up
Price Goes Up and Quantity Demanded Goes Up
7
Advancements in technology usually affect production by...
Lowering production cost and increase supply
Increasing production cost and decreasing supply
reducing physical capital and lowering supply
Changing the quantity supplied at different prices.
8
What is this Determinant? Joe has been fired from work.
Price of related goods
# of buyers
Taste/Preference
Consumer Income
9
What is a Price Floor
Max Price set by the govt
Min Price set by the govt
The top thingy
the bottom thingy
10
What is Perfect Competition
Lots of variety, Lots of sellers
Not much variety, Lots of sellers
Lots of variety, 1 seller
Not much variety, 1 seller
11
What is a monopoly?
Mass Variety of goods, 1 seller in the market
Many sellers, no variety in goods
1 seller in the market, no variety in goods
Many sellers, Lots of variety of goods
12
When Quantity Supplied > Quantity Demanded =
Disequilibrium
Shortage
Surplus
Equilibrium
13
What is this Determinant? Workers demand higher wages and so they are fired.
Expectations
Input price
Technology
Govt Interventions
14
what is this determinant? Many Firms are going out of business.
Input Price
Technology
Expectations
# of sellers
15
Where supply meets demand.
Equalsum
Easy
Equal
Equilibrium
16
What is the purpose of regulation and deregulation by the government?
The Government Does Not Get Involved
To Limit Competition
Encourage Competition in the Market
To Prevent all Monopolies
17
What was the purpose of the Sherman Anti-Trust Act?
To Force Monopolies to Produce More
To Create Monopolies
To Make Monopolies Stronger
To Break Up Monopolies to create more competition.
18
What is required to be placed on a S&D graph
Q, P, Pe, Qe, S, D, and da da das...
D & S
Q, D, E, Qs, Qd, S, D
Q, P & E
19
If prices are raised on inelastic goods...
Total Revenue will Increase
IDK
Total Revenue Stays The Same
Total Revenue will decrease
20
Law of supply
Price Goes Up and Quantity Demanded Goes Down
Price Goes Up and Quantity Supplied Goes Down
Price Goes Up and Quantity Demanded Goes Down
Price Goes Up and Quantity Supplied Goes Up
21
The amount of a product that consumers will purchase at different prices is...
Supply Schedule
Demand Schedule
Total Revenue
Shock Supply
22
What is an Oligopoly?
A few firms with some variety but high barriers of entry
Lots of firms with lots of variety but low barriers of entry
Lots of firms with lot of variety but high barriers of entry
Lots of firms with some variety but low barriers of entry
23
What determinant is this? Jim buys a TV now because he knows the price of TV is going up next month.
Price of related good
Consumer Income
Technology
Expectations
24
What graph is this?
Demand
Supply
25
What Graph is this?
Demand
Supply
26
When Quantity Supplied < Quantity Demanded =
Shortage
Disequilibrium
Surplus
Equilibrium
27
What is a Monopolistic Competition?
Many firms with some variety but high barriers of entry
Many firms with lots of variety but high barriers of entry
Many firms with some variety but low barriers of entry
Many firms with lots of variety but low barriers of entry
28
what is a determinant of supply
Govt. intervention
Number of Buyers
Taste/Preference
Future Expectations
29
What is a price ceiling?
The Max price set by the govt
The min price set by the govt
The thingy
The other thingy
30
What is a good example of an Oligopoly?
OPEC - Organization of Petroleum Exporting Countries
Standard Oil
A Farmers Market
McDonalds
