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Supply and Demand
Supply and Demand
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Questions on Supply and Demand
Flashcards
15 cards
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Questions
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Answers
1
The market is for furniture produced by Ikea after fire damages thousands of acres of timber.
an increase in supply<br>
an increase in demand<br>
a decrease in supply<br>
a decrease in demand<br>
2
The market is for tickets to the Texas v. Oklahoma football game after each team loses 2 games.
an increase in demand<br>
an increase in supply<br>
a decrease in demand<br>
a decrease in supply<br>
3
The market is for automobiles after new technology reduces time needed to assemble a car.
an increase in supply<br>
a decrease in supply<br>
a decrease in demand<br>
an increase in demand<br>
4
Who would bear the greater incidence of a tax imposed on the sale of cigarettes?
the buyer
the seller
5
If the price of Pepsi increases 10%, and as a result Q decreases 15%, elasticity of demand is
-1.0
-1.5
-0.667
-10
6
If demand for Pepsi was currently -0.75, then increasing its price would
increase total revenue.
have no effect on total revenue.
decrease total revenue.
There is insufficient information to answer this.
7
The market is for peanut butter after a drough destroys half of Georgia's peanut crop.
an increase in supply
a decrease in supply
an increase in demand
a decrease in demand
8
The market is for doughnuts after more people adopt a low carbohydrate diet.
a decrease in supply
a decrease in demand
an increase in supply
an increase in demand
9
Whick of the following will not cause the demand for pizza to decrease?
the price of pizza increases
incomes increase and pizza is an inferior good
price of root beer rises & yoy only eat pizza w/root beer
new medical research showing that pizza is bad for you
10
The market is for gasoline after discovery of large oil fields in North and South Dakotas.
an increase in supply
a decrease in demand
an increase in demand
a decrease in supply
11
The market is for gasoline on the OBX after a hurricane knocks out power to most homes.
an increase in supply
a decrease in supply
an increase in demand
a decrease in demand
12
If the price of Pepsi decreased 8%, and elasticity of demand was -1.5, how much did Q increase?
15%
8%
12%
0.00%
13
For which of the following is demand more inelastic?
vacation rentals on the OBX
ice cream sold at Sunni Sky's
services of a highly specialized doctor
Honda Civic automobiles
14
What happens to the demand for ice on OBX after a hurricane knocks out power to most homes?
demand increases and becomes more inelastic<br>
demand increases<br>
more elastic
more inelastic
15
If John can make 50 sandwiches or 20 drinks per hour, & Tim can make 20 S and 5 D, then
John should make S and Tim make D
Tim should amke both D and S
John should make both D and S
John should make D and Tims make S
