stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Econ - Basic Intro to Supply & Demand Flashcards | StudBud
Explore
/
Econ - Basic Intro to Supply & Demand
Econ - Basic Intro to Supply & Demand
23 terms
·
StudBud Administration
·
43 plays
Introductory review of supply and demand changes
Flashcards
23 cards
F
Practice quiz
P
Host live
L
Questions
23
Answers
1
If the price of sleds increases,
The demand for snow suits increases
The snow sharks eat more kids
Price does not change demand, so no change
The demand for snow suits decreases
2
Demand is downward sloping due to :
The number of consumers
The substitute and complement effect
the income and substitution effect
Inferior and normal goods
3
A decrease in supply will cause the equilibrium price to
it's indeterminate
remain constant
rise
fall
4
The demand and supply schedule shows:
Price that everyone would pay
Profit of loss of a business
The same information as a supply and demand graph
Demand prices and quantities, but not supply
5
If the price of hot chocolate increases,
The demand for marshmallows increases
The demand for marshmallows is unchanged
The demand for hot tea increases
The demand for ice cream increases
6
Which of the following would increase demand for a normal good? A decrease in:
Price
Price of a Substitute
Price of a Complement
Income
7
When the demand curve shifts left, what will happen to the market price and quantity?
price rises; quantity falls
both go down
both go up
price falls; quantity rises
8
After a heavy snowfall, the demand for snow shovels
The quantity supplied increased
decrease
The quantity demanded increased
increase
9
During a power outage during a storm, the demand for candles
increases to consumer preferences
decrease, due to inferior goods
decreases due to consumer preferences
increases due to income, normal goods
10
The magic point where supply and demand connects is
equilibrium
a price floor
Adam Smith land
a price ceiling
11
Currently your favorite class is
AP Economics or any class taught by Mr. Staub
any class not taught by Mr. Staub
any class not taught by Mr. Staub
any class not taught by Mr. Staub
12
The following is not a determinant of Demand
Technology
# of Consumers
Taste
Price of Substitutes
13
When supply shifts right, what happens to market price and quantity?
price falls; quantity rises
price rises; quantity falls
both fall
both rise
14
A decrease in the price of butter would most likely decrease the demand for:
margarine
syrup
bagels
jelly
15
One of the following is not a determinant of Supply:
# of consumers
technology
Price of other goods
# of sellers
16
For many people, Spam is a
an inferior good
a complement
normal good
a substitute
17
A decrease in the price of peanut butter would most likely increase the demand for
Ham
Electricity
Jelly
Coffee
18
A change in Price causes a change in :
Quantity Demanded
Substitutes
Demand
# of Consumers
19
The Law of Demand says that :
As price goes up, demand goes down
As price goes up, quantity demanded goes down
As price goes up, demand goes up
As price goes up, the quantity demanded goes up
20
A change in Price causes a change in
Technology
Demand
quantity supplied
Supply
21
During a recent snow/ ice storm, the demand for Netflix
decreased
increased due to an increase in supply of Netflix
decreased due to a lack of preference
increase due to an increase in consumer taste
22
Marshmallows and hot chocolate are:
Complements
Inferior Goods
Substitutes
No relationship
23
The Law of Supply is
says that when price goes up, demand goes down
A direct relationship
An inverse relationship
based on consumers behavior
