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Revision Demand and Supply Analysis Flashcards | StudBud

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Revision Demand and Supply Analysis

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Questions 10

Answers

1
Suppose a fall frost destroys 1/3 of the grapefruit crop. Which panel BEST describes the market
panel D
panel C
panel B
panel A
2
Given the equilibrium after a change in supply from S1 to S2:
the price will remain constant.
the new price will be $1.50.
the new quantity will be 600.
the new price will be $2.00.
3
Market equilibrium occurs when:
ALL OF THE ABOVE
the market clears.
there is no incentive for prices to change in the market.
quantity demanded equals quantity supplied.
4
A decrease in supply means:
that less will be demanded at every price.
that more will be supplied at every price.
a shift to the left of the entire supply curve.
a movement down the supply curve as prices go down.
5
The _____ apples will decrease when apple prices rise.
equilibrium of
quantity demanded of
supply of
demand for
6
Suppose the birthrate decreases.Which panel BEST describes how this will affect the FOOD market
panel A
panel B
panel D
panel C
7
When the price of lamps decreases, the:
quantity supplied increases.
supply increases.
quantity supplied decreases.
supply decreases.
8
The initial equilibrium price and quantity (at intersection of S1 and D) of gasoline are:
$2.00 and 450 gallons.
$1.50 and 400 gallons.
$2.00 and 200 gallons.
$2.50 and 300 gallons.
9
When the price of lamps increases, the:
supply increases.
quantity supplied increases.
supply decreases.
quantity supplied decreases.
10
Suppose consumer incomes decrease. Which panel BEST describes a NORMAL good?
panel B
panel D
panel C
panel A