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Econ Unit 3--Supply and Demand Flashcards | StudBud
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Econ Unit 3--Supply and Demand
Econ Unit 3--Supply and Demand
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Answers
1
A demand schedule shows
upward slope curve; positive relationship of P and QD
the fluctuations in D that occurred over specific time
listing of various QD of product at all prices
fluctuations in D scheduled to occur over following year
2
Graph: if the price of t-shirts decreasesfrom $18 to $16, the quantity supplied will
fall from 800 to 600
fall from 1000 to 800.
rise from 800 to 1000.
rise from 600 to 800.
3
What letter represents the Demand Curve, on the graph?
A
C
B
4
An increase in the P of cameras results in a decrease in the demand for film. The products are
demand eleastic
complements
substitutes
unrelated
5
Graph: how does the market demand for concert tickets change if the price goes from $30 to $40?
the demand curve shifts to the right
quantity demanded decreases by 4,000
quantity demanded increases by 4,000
the demand curve shifts to the left
6
If the demand curve shifts from D1 to D2, how do the QS and QD change at the new equilibrium?
Both quantity supplied and quantity demanded decrease.
Both quantity supplied and quantity demanded increase.
Quantity supplied decreases and quantity demanded increases.
Quantity supplied increases and quantity demanded decreases.
7
In the table, market equilibrium will occur at what price?
$16
$14
$20
$10
8
An increase in the price of milk causes a decrease in the demand for cereal. The products are
demand elastic
unrelated
complements
substitutes
9
The movement shown in this graph represents a change in what?
production function
quantity supplied
supply elasticity
supply
10
What does the movement from b' to b on the graph represent?
an increase in quantity demanded
a decrease in quantity demanded
a decrease in demand
an increase in demand
11
When a customer's need for a product is not urgent, demand tends to be
elastic
unit elastic
complementary
inelastic
12
Advertising, fashion trends, and new product introductions serve to
increase income effectiveness.
minimize the income effect.
create consumer needs.
create consumer demand.
13
What letter represents Price, on the graph?
D
B
A
C
14
Which of the following choices could cause the movement shown in the graph?
taxes increase
the number of firms increases
technology improves production
inputs become cheaper
15
The supply of a product normally decreases if
more producers enter the market.
the cost of inputs goes down.
the price of the product increases.
government subsidies are removed.
16
When producers offer fewer products for sale at each and every price,
the supply curve has shifted to the left.
the supply curve has shifted to the right.
the expect subsidies.
the price per unit decreases.
17
Which products shown in the table are likely to have elastic demand?
gasoline from 1 station, gasoline in general, butter
fresh tomatoes, gasoline in general, butter
gasoline in genearl, services of medical doctors
fresh tomatoes, gasoline from a particular station, butter
18
For most products and services, an increase in price results in
reduced demand for substitutes.
a decrease in quantity demanded.
an increase in quantity demanded
increased demand for complements.
19
Which products shown in the table are likely to have inelastic demand?
fresh tomatoes, gasoline from a particular station, butter
gasoline in general, services of medical doctors
gasoline from 1station, gasoline in general, butter
fresh tomatoes, gasoline in general, butter
20
Which of the following will cause the market supply curve to shift?
a change in the numbers of sellers offering the product
a change in the number of consumers
a change in the price of the product
a change in demand for the product
21
Which of the following choices could cause the movement shown in this graph?
technology improves production
the number of firms decreases
inputs become more expensive
taxes increase
22
What does the movement shown on this graph represent?
a change in supply
the law of diminishing returns
a change in quantity supplied
a shift in the market supply curve
23
What letter represents the Supply Curve, on the graph?
B
A
C
24
What does the movement from b to b' on the graph represent?
a decrease in supply
a decrease in quantity supplied
an increase in supply
an increase in quantity supplied
25
According to this supply curve, 400 t-shirts will be supplied at what price?
$14
$10
$16
$12
26
What does the movement shown on this graph represent?
the inverse relationship between price and quantity demanded
the inverse relationship between price and marginal utility
a change in demand
diminishing marginal utility
27
If you were to graph this demand schedule, the demand curve would
slope downward from left to right
be horitzontal
slope upward from left to right
be vertical
28
What letter represents the Equilibrium Price, on the graph?
B
A
C
29
The movement shown in this graph represents a change in what?
demand elasticity
quantity demanded
marginal utility
demand
30
At a given price, a surplus occurs when
the quantity supplied is less than the quantity demanded.
the quantity supplied is greater than the quantity demanded
the quantity demanded is the same as the quantity supplied
the quantity demanded is more than the quantity supplied.
31
If you were to graph this supply schedule, the supply curve would
be vertical
slope downward from left to right
be horizontal
slope upward from left to right
32
What letter represents Price Floor, on the graph?
A
D
B
C
33
What letter represents Quantity, on the graph?
D
B
A
C
34
Which of the following choices could cause the movement shown in this graph?
a decrease in the price of Blu-ray players
an increase in the price of Blu-ray players
an increase in the price of Blu-ray discs
a decrease in the price of Blu-ray discs
35
What letter represents Price Ceiling, on the graph?
B
A
C
D
