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Duplicate of 3.3 Supply, Demand and Equilibrium Flashcards | StudBud
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Duplicate of 3.3 Supply, Demand and Equilibrium
Duplicate of 3.3 Supply, Demand and Equilibrium
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This quiz covers Learning Outcome 3.3; Supply and Demand on the Junior Cycle Business Studies Course
Flashcards
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Questions
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Answers
1
What Causes a shift in the Demand
All of the above
Consumer Tastes & Advertising
income
Consumer Expectations
2
A shift in a demand curve caused by factors that affects your willingness to purchase
False
True
3
Market Equilibrium is when the demand curve?
Is at its highest value
Is at its lowest value
When there is a steady supply
Meets the Supply Curve
4
When supply is greater than demand, a _________ will result
shortage
surplus
balance
equilibrium
5
When the supply curve shifts, it changes the ____ and _____ of the equilibrium
price, supply
demand, supply
quantity, demand
price, quantity
6
Quantity in the context of the supply curve means..
The amount that's supplied by the business
The amount consumers are buying
The price that sellers want to sell as
The price that consumers want to buy as
7
What is the equilibrium quantity?
4 units
7 units
2 units
5 units
8
What is the equilibrium price?
$50.00
$70.00
$60.00
$40.00
9
Is the picture a demand Curve or demand schedule
Demand Curve
Market schedule
10
A shift in the supply curve to the rights means:
the amount producers wish to sell at every price increases
All of the above
the amount producers wish to sell at every price decreases
the amount producers wish to sell at every price is the same
11
The quantity of goods/services available to consumers to buy at various prices over a period of time is:
Demand
Supply
12
A supply curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
13
A leftward shift of supply will:
decrease equilibrium quantity.
increase demand.
increase equilibrium quantity.
decrease demand.
14
What does equilibrium mean?
A point where QS<QD
A point where P=QS
A point where QS>QD
A point where QS=QD
15
Who determines demand?
Buyers
Sellers
16
When Creating a supply and demand curve how do you label each axis?
X= number of buyers Y=number of sellers
X=Quantity Y=Price
X=Quantity Y= number of buyers
X=Price Y= number of sellers
17
When demand is greater than supply, a _________ will result
shortage
balance
surplus
equilibrium
18
What happens to a supply curve when the number of sellers increase
It shifts leftward
It shifts upward
It shifts rightward
It shifts downward
19
What happens when the supply is high and the demand is low?
Prices go crazy and have a party
The Prices tend to fall
You have the equilibrium
The Prices tend to increase
20
What happens when the Supply is low and the demand is high?
The price increaces
The price decreases
21
The equilibrium price and quantity would be...
P = $5, Q= 4
P= $6, Q= 5
P= $5, Q=5
P=$5, Q=6
22
At what price will 7 units be supplied to the market?
$7
$4
$5
$2
23
If the demand curve shifts to the left there has been an increase in demand.
True
False
24
Which of the following is NOT a factor that affects demand
Price of the good
Price of other goods
Changes in Technology
Changes in Income
25
The law of supply states
As prices increase, demand falls
As prices increase, demand increases
As prices increase, supply increases
As prices increase, supply falls
26
what would happen on a supply and demand curve if a tax was put on materials?
the demand curve would shift to the right
the supply curve would shift to the right
the supply curve would shift to the left
the demand curve would shift to the left
27
Which of the following is not a factor affecting supply ?
Income
prices of other goods
Technology
Government actions
28
At price of $2 what is the quantity demanded?
8 units
4 units
2 units
5 units
29
A graphical representation of a supply schedule is
demand curve
law of demand
supply curve
law of supply
30
A demand curve is
positive sloping (upwards from bottom left to top right)
negative sloping (downwards from top left to bottom right)
31
What label do you put on the y axis of a supply/demand curve (the vertcial axis or up/down axis)
Demand
Supply
Price
Quantity
32
A shift in the supply curve to the left means:
quantity producers offer at every price will be less.
quantity producers offer at every price will be high.
none of the above
quantity producers offer at every price stays the same.
33
At price of $2 what is the quantity supplied?
2 units
7 units
5 units
4 units
34
What is the equilibrium price?
$4
$5
$2
$7
35
Price has increased causing the supply curve to shift to the left.
False
True
36
Demand is the quantity of a good or service that buyers...
will purchase at no rates during no specific time-period
will purchase at various rates during a given time-period
no clue...
will purchase at the same rates during a special time-period
37
Changes in price shift the supply curve, no matter what they are
False
True
38
Which of the following is NOT a factor that affects supply
Price of other goods
Price of the good
Changes in Income
Changes in Technology
39
Which of the following is not a factor affecting demand?
Price of complements
Number of producers
Income
Tastes and preferences
40
Consumer Tastes has a massive effect on product demand
True
False
41
Equilibrium price is where the demand of a product/service is equal to the supply of a product/service.
True
False
42
Which of these factors may cause a shift in the demand curve?
All of the above
Good or bad publicity
A change in trends and fashions
A change in the size of the population
43
Price changes shift the demand curve
True
False
44
A table showing the quantities demanded for a good at various prices is a
demand schedule
law of demand
demand curve
factors affecting demand
45
What does a demand curve show
Nothing
Amount buyers negotiate on
The products
amount the buyers are willing to purchase from the price
46
The law of demand states
As prices increase, supply falls
As prices increase, demand increases
As prices increase, demand falls
As prices increase, supply increases
47
A table showing the quantities supplied of a good at various prices is a
supply schedule
supply curve
law of supply
factors affecting supply
48
Where supply and demand curves meet is known as:
equilibrium
coincide
connection
equal
49
A decrease in demand is shown graphically by
A movement up
A movement down
A shift to the left in the demand curve
A shift to the right in the demand curve.
50
What label do you put on the x axis of a supply/demand curve (the horizontal axis or left/right axis)
Quantity
Supply
Price
Demand
51
What happens to the supply curve when the number of sellers decrease?
It shifts right
No change
It shifts left
No change
52
A graphical representation of a demand schedule is
law of demand
law of supply
demand curve
supply curve
53
The quantity of goods/services consumers are willing to buy at various prices over a period of time is:
Demand
Supply
54
Locate the equilibrium
The quantity
Where all the lines meet in the middle
The demand line
The supply line
