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Duplicate of Supply and Demand
Duplicate of Supply and Demand
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Get ready for the Supply and Demand Test!
Flashcards
15 cards
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Questions
15
Answers
1
Which of the following are examples of complements?
used car and new car
Coca-Cola and Pepsi
butter and margarine
camera and film
2
Quantity supplied is greater than quantity demanded
Shortage
Rationing
Black market
Surplus
3
This TABLE shows the prices of a product and the quantities demanded at each price
Demand schedule
Law of demand
change in quantity demanded
4
The lessening of satisfaction with each additional purchase
equilibrium price
Demand schedule
Law of Demand
Law of diminishing utility
5
According to the substitution effect, if 2 items satisfy the same need& the price of one rises
People will buy the lower priced item
People will buy the higher priced item
People will not buy either product
The demand will go up for both products
6
The economic rule stating that as prices rise, the quantity supplied rises
Law of Supply
Equilibrium price
Law of Demand
7
All of the following factors affect the
demand
of a product
EXCEPT
for
prices of substitutes
price of inputs/resources
fashions or tastes
income
8
As prices rise, the quantity demanded goes down.
Law of diminishing utility
Law of demand
change in quantity demanded
Law of supply
9
If the price of
NEW
cars goes up, then the demand for
USED
cars will
stay the same
none of the above
decrease
increase
10
Which of the following are examples of substitutes?
A camera and film
CD player and CDs
Baseball bat and glove
Pepsi and Coca-Cola
11
According to the
law of supply
, when the price of an item goes up, the quantity supplied
Rises
Stays at the same level
Falls
12
THe price at which the quantity demanded is EQUAL to the quantity supplied
equilibrium price
law of demand
law of supply
13
What reflects the relationship between quantity demanded and price?
As the supply goes up, the price goes up
As price goes down, quantity demanded goes up
As prices go up, quantity demanded goes up
As supply goes up, the price goes up
14
The relationship between price and quantity demanded is a(n)
direct one
inverse one
exclusive one
15
According to the
law of demand
, higher prices prompt
consumers
to
Demand less of the product
Demand more of the product
Produce less of the product
Produce more of the product
