The supply curve starts where and ends where and slopes which way?

Starts in the lower left & ends upper right - slopes upward

If a price of $10 temporarily exists in this market, a:

C) surplus of 8,000 bushels will result.

If economists say, "the price is too high," they mean that:

quantity supplied is greater than quantity demanded.

The demand curve starts where, ends where, and slopes which way?

Starts upper left ends lower right slopes downward

Which of the following most correctly states the law of demand? demand will go up.

D) As the price falls, all other things unchanged

Exhibit: Demand and Supply of Wheat) A temporary price of $2 in this market would result in:

B) a shortage of 8,000 bushels.

What kinds of goods do government generally place price ceilings on?

Essential, but too expensive for some consumers

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Mr. Wilson's Supply and Demand

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Economics

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Questions 16

Answers

1
There is equilibrium in the market when:
B) there is no surplus.
D) all of the above are true.
price is made where the supply & the demand curve intersect
A) there is no shortage.
2
The supply curve starts where and ends where and slopes which way?
it is a straight vertical line
starts in upper right & ends in lower left slopes down
Starts in the lower left & ends upper right - slopes upward
supply what?
3
If a price of $10 temporarily exists in this market, a:
B) shortage of 8,000 bushels will result.
A) shortage of 10,000 bushels will result.
D) surplus of 6,000 bushels will result.
C) surplus of 8,000 bushels will result.
4
What is an example of government influence on supply?
Taxes
Subsidies
Grants
5
If economists say, "the price is too high," they mean that:
quantity supplied is greater than quantity demanded.
quantity demanded is greater than quantity supplied.
the price of a good will tend to increase.
the equilibrium price exceeds the current price.
6
Ceteris Paribus means
Go Bulldogs
Seize the day
Mr. Wilson is my favorite!
All things held constant
7
The demand curve starts where, ends where, and slopes which way?
starts lower left ends upper right slopes upward
Starts upper left ends lower right slopes downward
demand what
starts and stays vertical - straight up and down
8
Which of the following most correctly states the law of demand? demand will go up.
D) As the price falls, all other things unchanged
A) As the price falls demand will go up
C) As the price falls the quantity demanded will go down.
B) As the price goes up demand will go down.
9
Exhibit: Demand and Supply of Wheat) A temporary price of $2 in this market would result in:
B) a shortage of 8,000 bushels.
A) a surplus of 8,000 bushels.
C) a shortage of 10,000 bushels.
D) a surplus of 10,000 bushels.
10
Generally, when the price of an item falls, what happens to the demand for that product?
People substitute other goods
demand falls as well
An increase in demand
demand falls
11
What happens to the supply of goods that producers are willing to produce when prices fall?
Diminishing marginal utility
Firms supply less
Firms supply more
Supply is constant
12
Why do professional athletes make so much more than school teachers?
Laws of Supply & Demand
We live in a morally bankrupt society.
Substitutes
Sponsors
13
How might advertising lead to a shift in demand?
Increasing the popularity of an inferrer good
Allowing the law of demand to operate freely
Creating a fad
14
A price of _____ will result in a ____ , and a price of _____ will result in a ___.
$8; shortage; $6; surplus
4; surplus; $8; shortage
$8; surplus; $4; shortage
$6; shortage; $8; surplus
15
What kinds of goods do government generally place price ceilings on?
Are essential and cheap
Not necessary but have become customary
Essential, but too expensive for some consumers
16
The equilibrium point is the point where .....
everyone is happy
supply is a shortage
There is a surplus, top of supply curve
supply and demand curves cross

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