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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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This quiz covers Learning Outcome 3.3; Supply and Demand on the Junior Cycle Business Studies Course
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Questions
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Answers
1
What label do you put on the y axis of a supply/demand curve (the vertcial axis or up/down axis)
Supply
Demand
Price
Quantity
2
What is the equilibrium price?
$5
$2
$7
$4
3
What is the equilibrium quantity?
5 units
2 units
4 units
7 units
4
Which of the following is not a factor affecting supply ?
Government actions
prices of other goods
Income
Technology
5
The law of demand states
As prices increase, demand increases
As prices increase, supply falls
As prices increase, supply increases
As prices increase, demand falls
6
When Creating a supply and demand curve how do you label each axis?
X=Price Y= number of sellers
X=Quantity Y= number of buyers
X= number of buyers Y=number of sellers
X=Quantity Y=Price
7
The quantity of goods/services consumers are willing to buy at various prices over a period of time is:
Supply
Demand
8
Quantity in the context of the supply curve means..
The amount that's supplied by the business
The price that sellers want to sell as
The amount consumers are buying
The price that consumers want to buy as
9
A demand curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
10
What happens to a supply curve when the number of sellers increase
It shifts leftward
It shifts upward
It shifts downward
It shifts rightward
11
Locate the equilibrium
The supply line
The demand line
Where all the lines meet in the middle
The quantity
12
At what price will 7 units be supplied to the market?
$2
$5
$4
$7
13
When supply is greater than demand, a _________ will result
balance
surplus
equilibrium
shortage
14
When demand is greater than supply, a _________ will result
equilibrium
shortage
balance
surplus
15
Market Equilibrium is when the demand curve?
Meets the Supply Curve
Is at its lowest value
Is at its highest value
When there is a steady supply
16
What is the equilibrium price?
$60.00
$50.00
$40.00
$70.00
17
Where supply and demand curves meet is known as:
equilibrium
connection
equal
coincide
18
A table showing the quantities demanded for a good at various prices is a
law of demand
demand schedule
factors affecting demand
demand curve
19
Equilibrium price is where the demand of a product/service is equal to the supply of a product/service.
True
False
20
The law of supply states
As prices increase, demand falls
As prices increase, supply increases
As prices increase, demand increases
As prices increase, supply falls
21
Which of the following is not a factor affecting demand?
Tastes and preferences
Price of complements
Income
Number of producers
22
Who determines demand?
Buyers
Sellers
23
What happens when the supply is low and the demand is high?
The price decreases
The price increaces
24
What happens when the supply is high and the demand is low?
The Prices tend to increase
The Prices tend to fall
You have the equilibrium
Prices go crazy and have a party
25
A graphical representation of a supply schedule is
law of demand
law of supply
supply curve
demand curve
26
Is the picture a demand Curve or demand schedule
Market schedule
Demand Curve
27
A table showing the quantities supplied of a good at various prices is a
supply schedule
factors affecting supply
supply curve
law of supply
28
At price of $2 what is the quantity demanded?
4 units
8 units
5 units
2 units
29
Demand is the quantity of a good or service that buyers...
no clue...
will purchase at the same rates during a special time-period
will purchase at various rates during a given time-period
will purchase at no rates during no specific time-period
30
Price has increased causing the supply curve to shift to the left.
True
False
31
Which of the following is NOT a factor that affects demand
Price of the good
Changes in Technology
Price of other goods
Changes in Income
32
What does equilibrium mean?
A point where QS>QD
A point where QS=QD
A point where QS<QD
A point where P=QS
33
What happens to the supply curve when the number of sellers decrease?
It shifts right
It shifts left
No change
No change
34
A supply curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
35
A graphical representation of a demand schedule is
demand curve
law of supply
supply curve
law of demand
36
If the demand curve shifts to the left there has been an increase in demand.
True
False
37
The quantity of goods/services available to consumers to buy at various prices over a period of time is:
Demand
Supply
38
At price of $2 what is the quantity supplied?
2 units
5 units
7 units
4 units
39
What label do you put on the x axis of a supply/demand curve (the horizontal axis or left/right axis)
Price
Supply
Quantity
Demand
40
Consumer Tastes has a massive effect on product demand
True
False
41
The equilibrium price and quantity would be...
P=$5, Q=6
P= $6, Q= 5
P= $5, Q=5
P = $5, Q= 4
42
Which of the following is NOT a factor that affects supply
Price of other goods
Price of the good
Changes in Technology
Changes in Income
43
What does a demand curve show
Amount buyers negotiate on
amount the buyers are willing to purchase from the price
The products
Nothing
