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Supply, Demand and Equilibrium Flashcards | StudBud
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Supply, Demand and Equilibrium
Supply, Demand and Equilibrium
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Answers
1
Changes in price shift the supply curve, no matter what they are
False
True
2
What label do you put on the y axis of a supply/demand curve (the vertcial axis or up/down axis)
Quantity
Price
Supply
Demand
3
Price changes shift the demand curve
False
True
4
What does a demand curve show
The products
amount the buyers are willing to purchase from the price
Amount buyers negotiate on
Nothing
5
When Creating a supply and demand curve how do you label each axis?
X=Price Y= number of sellers
X= number of buyers Y=number of sellers
X=Quantity Y= number of buyers
X=Quantity Y=Price
6
Market Equilibrium is when the demand curve?
Is at its lowest value
Is at its highest value
When there is a steady supply
Meets the Supply Curve
7
What Causes a shift in the Demand
All of the above
income
Consumer Tastes & Advertising
Consumer Expectations
8
If the demand curve shifts to the left there has been an increase in demand.
False
True
9
When supply is greater than demand, a _________ will result
surplus
balance
shortage
equilibrium
10
What label do you put on the x axis of a supply/demand curve (the horizontal axis or left/right axis)
Quantity
Supply
Price
Demand
11
A leftward shift of supply will:
increase equilibrium quantity.
decrease demand.
decrease equilibrium quantity.
increase demand.
12
What happens when the Supply is low and the demand is high?
The price decreases
The price increaces
13
Which of the following is not a factor affecting supply ?
Government actions
Income
prices of other goods
Technology
14
The quantity of goods/services consumers are willing to buy at various prices over a period of time is:
Supply
Demand
15
A table showing the quantities supplied of a good at various prices is a
law of supply
supply curve
factors affecting supply
supply schedule
16
The equilibrium price and quantity would be...
P=$5, Q=6
P= $5, Q=5
P = $5, Q= 4
P= $6, Q= 5
17
Consumer Tastes has a massive effect on product demand
False
True
18
Price has increased causing the supply curve to shift to the left.
False
True
19
What is the equilibrium price?
$50.00
$40.00
$70.00
$60.00
20
A graphical representation of a supply schedule is
demand curve
supply curve
law of demand
law of supply
21
What is the equilibrium quantity?
5 units
7 units
2 units
4 units
22
What is the equilibrium price?
$5
$2
$7
$4
23
What happens to a supply curve when the number of sellers increase
It shifts downward
It shifts leftward
It shifts upward
It shifts rightward
24
When demand is greater than supply, a _________ will result
surplus
shortage
equilibrium
balance
25
Locate the equilibrium
Where all the lines meet in the middle
The supply line
The demand line
The quantity
26
Equilibrium price is where the demand of a product/service is equal to the supply of a product/service.
False
True
27
When the supply curve shifts, it changes the ____ and _____ of the equilibrium
price, quantity
quantity, demand
price, supply
demand, supply
28
Quantity in the context of the supply curve means..
The price that consumers want to buy as
The price that sellers want to sell as
The amount consumers are buying
The amount that's supplied by the business
29
Which of these factors may cause a shift in the demand curve?
A change in trends and fashions
All of the above
A change in the size of the population
Good or bad publicity
30
At what price will 7 units be supplied to the market?
$4
$7
$2
$5
31
A decrease in demand is shown graphically by
A shift to the left in the demand curve
A movement up
A shift to the right in the demand curve.
A movement down
32
What happens to the supply curve when the number of sellers decrease?
No change
It shifts right
It shifts left
No change
33
At price of $2 what is the quantity supplied?
5 units
4 units
2 units
7 units
34
The quantity of goods/services consumers are willing to buy at various prices over a period of time is:
Demand
Supply
35
Demand is the quantity of a good or service that buyers...
will purchase at the same rates during a special time-period
no clue...
will purchase at various rates during a given time-period
will purchase at no rates during no specific time-period
36
Who determines demand?
Sellers
Buyers
37
The law of demand states
As prices increase, demand falls
As prices increase, supply falls
As prices increase, supply increases
As prices increase, demand increases
38
A shift in a demand curve caused by factors that affects your willingness to purchase
True
False
39
A supply curve is
negative sloping (downwards from top left to bottom right)
positive sloping (upwards from bottom left to top right)
40
A shift in the supply curve to the rights means:
the amount producers wish to sell at every price increases
the amount producers wish to sell at every price decreases
All of the above
the amount producers wish to sell at every price is the same
41
A demand curve is
negative sloping (downwards from top left to bottom right)
positive sloping (upwards from bottom left to top right)
42
Where supply and demand curves meet is known as:
connection
equilibrium
coincide
equal
43
The law of supply states
As prices increase, demand increases
As prices increase, supply increases
As prices increase, supply falls
As prices increase, demand falls
44
What does equilibrium mean?
A point where P=QS
A point where QS>QD
A point where QS=QD
A point where QS<QD
45
Which of the following is NOT a factor that affects supply
Price of other goods
Changes in Technology
Price of the good
Changes in Income
46
Which of the following is not a factor affecting demand?
Number of producers
Tastes and preferences
Income
Price of complements
47
what would happen on a supply and demand curve if a tax was put on materials?
the demand curve would shift to the right
the demand curve would shift to the left
the supply curve would shift to the right
the supply curve would shift to the left
48
A table showing the quantities demanded for a good at various prices is a
law of demand
factors affecting demand
demand curve
demand schedule
49
A graphical representation of a demand schedule is
law of supply
demand curve
supply curve
law of demand
50
A shift in the supply curve to the left means:
quantity producers offer at every price stays the same.
none of the above
quantity producers offer at every price will be high.
quantity producers offer at every price will be less.
51
Is the picture a demand Curve or demand schedule
Market schedule
Demand Curve
52
The quantity of goods/services available to consumers to buy at various prices over a period of time is:
Supply
Demand
53
What happens when the supply is high and the demand is low?
The Prices tend to fall
Prices go crazy and have a party
You have the equilibrium
The Prices tend to increase
54
Which of the following is NOT a factor that affects demand
Changes in Technology
Changes in Income
Price of other goods
Price of the good
55
At price of $2 what is the quantity demanded?
8 units
2 units
4 units
5 units
