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Supply and Demand Review Flashcards | StudBud
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Supply and Demand Review
Supply and Demand Review
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StudBud Administration
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Marketing Principles basic economics #supplyanddemand #economicconditions #supply #demand
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
A supply curve typically has a ____________ slope.
Vertical
Positive (upward)
Horizontal
Negative (downward)
2
When less goods are supplied than are demanded in the market, a __________ exists.
shortage
surplus
3
After you've had a certain amount of your favorite food, your enjoyment lessens. This shows
diminishing marginal utility
increasing marginal utility
elastic demand
inelastic demand
4
When the price of butter goes
UP
, the demand for margarine
goes up
stays the same
goes down
5
Most businesses strive to supply goods and services in direct proportion to:
standard of living
cost of production
demand
supply
6
when supply decreases, the supply curve shifts to the
left
right
up
down
7
When more goods are supplied than are demanded then a ___________ exists.
surplus
shortage
8
Demand curves typically have a _____________ slope
Vertical
Positive (upward)
Horizontal
Negative (downward)
9
Margarine and Butter are ___________ products.
Substitute
Complementary
Demand Inelastic
Unrelated
10
For most products and services, increased price results in
increased quantity demand
decreased quantity demand
11
A demand curve illustrates the quantity demanded at all possible prices at a given time.
True
False
12
What happens to the quantity supply of goods that are produced when prices fall?
Diminishing marginal utility
Supply is constant
Quantity supply goes down
Quantity supply goes up
13
Cereal and Milk are __________ products.
Unrelated
Substitute
Complimentary
Demand Inelastic
14
Quantity demanded moves along the demand curve (no shift) in response to changes in
Expectations
Preferences
Price
Income
15
When the amount of goods supplied meets the amount demanded, this is known as equilibrium
False
True
16
Name the shifter, when the price of plastic increases (cell phones)
natural disaster
number of producers
complimentary goods
cost of inputs
17
What would decrease the supply of houses?
The cost of inputs has no effect upon the supply of houses
A decrease in the cost of lumber
A decrease in the cost of paint
An increase in the cost of lumber
18
When demand decreases, the demand curve shifts to the
right
down
left
up
19
The price at which farmer Joe can sell his beets has increased from $5 to $10, this is...
a decrease in quantity supply
a decrease in supply
an increase in quantity supply
an increase in supply
20
When the price of an item falls, what happens to the quantity demand for that product?
An increase in quantity demand
quantity demand falls as well
quantity demand falls
People substitute other goods
