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Duplicate of Supply & Demand Flashcards | StudBud
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Duplicate of Supply & Demand
Duplicate of Supply & Demand
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StudBud Administration
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18 plays
An #economics Quiz that reviews aspects of Supply & Demand
Flashcards
10 cards
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Practice quiz
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Host live
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Questions
10
Answers
1
This is the amount of a good or service that producers are willing and able to offer
Producer Ratio
Demand
Equilibrium
Supply
2
Which of the following would move a demand curve for In N Out to the right?
In N Out increases the price of their Double Doube
In N Out begins expanding into the East Coast
In N Out offers free fries with each burger
In N Out debuts a new flavor of milkshare
3
A good is called "elastic" if it changes based on...
Quantity
Smell
Price
Taste
4
A good is called "inelastic" if it does NOT change based on...
Quantity
Demand
Supply
Price
5
The amount of a good or service that consumers are willing and able to buy is known as...
Demand
Equilibrium
Supply
Taxes
6
How do you determine revenue?
Price - Quantity
Quantity x Price
Quantity - Profit
Quantity + Price
7
Which of the following would move a SUPPLY curve for Playstation 4's to the right?
A earthquake effects Sony operations in Japan
An exciting new VR experience is available for PS4
XBOX releases their new console at a discounted price
Customers are willing to pay more for a Playstation 4
8
How do you determine profit?
Revenue + Quantity
Cost + Revenue
Revenue - Cost
Quantity x Revnue
9
Which of the following would move a demand curve for sushi to the left?
An increase in the production of crab in the pacific
A shortage of tuna in the Pacific
A new Japanese restaurant opens in town
A student gets sick at a local restaurant
10
Which of the following would move the supply curve for Disney moves to the left?
Consumers are willing to pay more for Disney toys
Disneyland is damaged when an earthquake hits L.A.
Disney remasters more of their original movies
Disney buys the rights to the Harry Potter series
