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supply and demand stuff Flashcards | StudBud
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supply and demand stuff
supply and demand stuff
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Flashcards
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Questions
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Answers
1
Changes in expectations shifts which curve(s)?
demand
both
supply
neither
2
What would explain this curve shift?
the price of the product went up
people expect the price to rise next month
the price of the product dropped
people expect the price to drop next month
3
Changes in prices of that product shifts which curve(s)?
demand
supply
neither
both
4
A demand curve is a "picture" of what?
an upward sloping line
peace and tranquility
everyone who is willing and able to produce at that P & Q
everyone who is willing and able to buy at that P & Q
5
If equilibrium is $30 for a shirt, can the price be changed without making someone worse off?
maybe
I plead the 5th
yes
no
6
Having an "inverse relationship" is part of the law of
survival of the fittest
equilibrium
supply
demand
7
Which of these things CAN'T you do with a 401k?
use it like a savings account
choose to NOT put money into it
change the % of money you put into it.
wait till you retire to pay taxes on that $
8
Changes in the number of consumers shifts which curve(s)?
neither
supply
both
demand
9
What happens every two weeks in the Budget Challenge?
you get paid
your credit card bill is due
you cry because being an adult is hard!
you get a charge on your credit card
10
What does a shift of a supply curve mean?
the price of that product changed
the demand for that product changed
I have no idea...
more/fewer businesses are supplying that product
11
If the price of a product is set too low (below equilibrium), you'll end up with what?
a shortage
an angry boss (probably correct but don't choose this one!)
equilibrium
a surplus
12
A supply curve is a "picture" of what?
everyone who is willing and able to buy at that P & Q
a downward sloping line
everyone who is willing and able to produce at that P & Q
peace and tranquility
13
What would explain this curve shift?
the government subsidized the product made
the government taxed the product made
fewer people wanted to buy the product
there was a technological improvement
14
What would explain this curve shift?
customers expect the prices to rise in the future
there was an improvement in the technology used to make it
there are now fewer sellers in the market
more people wanted to buy the prooduct
15
What would explain this curve shift?
people's incomes went up
the price of the product went up
productivity decreased
productivity increased
16
If a market is at the equilibrium price, if the price changes will someone always be worse off?
yes
what's a market?
maybe
no
17
What would explain this curve shift?
fewer consumers are buying the product
people expect the price of the product to drop
the company has to lower their prices to sell the product
people expect the price of the product to rise
18
The point where quantity supplied matches quantity demanded is called
disequilibrium
perfect
equilibrium
yahtzee!
19
Having a "direct or positive relationship" is part of the law of
supply
large numbers
demand
equilibrium
20
Prices of related goods or services shifts which curve(s)?
both
demand
supply
neither
21
What would explain this curve shift?
there are more consumers of that product now
there was a government subsidy given to the producer
the price of the product dropped
there is an over supply of the product
22
What would explain this curve shift?
the supplier made too many products
the arrows are on a slide in a park: they're having fun!
people buy more because the price is going down
the supplier made too few products
23
What would explain this curve shift?
consumers' income level decreases
the price of a competing product went up
the supply went up
the price of a competing product went down
24
What would explain this curve shift?
the price of the product went down
the price of the product went up
more people want to sell the product
more people want to buy the product
25
Which of these bills is it ok to only pay part of and still not get charged a late payment fee?
car loan
credit card
car insurance
rent/mortgage
26
When the price of a product is set too high (so the supply is greater than the demand), you get
equilibrium
a shortage
a headache
a surplus
27
What would explain this curve shift?
the price went down, as did the quantity supplied
people expect the price of the product to go down next month
the price of the product went up
people expect the price of the product to go up next month
28
What would explain this curve shift?
an increase in the price of inputs/resources
a decrease in the price of inputs/resources
fewer consumers want to buy the product
more businesses sell the product
29
What does a shift in the demand curve mean?
a change in demand for that product
a change in price for that product
a change in quantity for that product
a change in market equilibrium
30
What would explain this curve shift?
there are fewer suppliers of the product
tastes/preferences for the product have jumped
this product has lost its "cool" factor
this stuff is hard: my head hurts!
