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supply and demand Flashcards | StudBud
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supply and demand
supply and demand
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Answers
1
Which of the following describes equilibrium?
supply and demand are equal
all of these
intersection of supply and demand
safe place for a producer to operate
2
A ___is a chart that represents the relationship between price and quantity demanded
pie chart
schedule
graph
model
3
All of the following would cause a level change in supply EXCEPT....
change in production costs
producers' expectations
change in the number of suppliers in the market
change in the retail price of the product in question
4
Efficient use of the factors of production is the main element in which of the following?
Law of Demand
Equilibrium
Law of Supply
Theory of Production
5
A complementary product...
is expensive
is harmful
"goes with" another product
is a good substitute for another product
6
Concept that states that usefulness decreases as additional units are acquired is...
Principle of Diminishing Usefulness
Principle of Diminishing Returns
Law of Variable Proportions
Principle of Diminishing Marginal Utility
7
Situation where demand exceeds supply is...
equilibrium
shortage
supply
surplus
8
The Law of Supply states that there is a ____ relationship between price and quantity supplied
opposite
negative
positive
direct
9
The Law of Demand states that there is a __ relationship between price and quantity demanded.
complementary
non-existent
direct
inverse
10
A cost of production associated with producing additional units after the first unit is...
variable cost
marginal cost
positive cost
fixed cost
11
Demand can change in the following way(s)...
quantity
quantity and level
level
quantity and quality
12
A level change is caused by....
all of these
a change in buyer's income
a change in the price of related products
a change in perceptions
13
Situation where supply exceed demand is...
surplus
demand
shortage
equilibrium
14
The concept that as input varies output varies is...
Law of Output
Law of Supply
Law of Variable Proportions
Law of Demand
15
Who gains useful information form the Law of Variable Proportions?
small businesses
producers
consumers
government
16
Concept that adding additional units of input results in a declining
rate
of production is...
marginal utility
negative returns
diminishing returns
increasing returns
17
A cost of production that is
not
affected by rate of production is....
variable cost
marginal cost
total cost
fixed cost
18
Land, labor, capital and entrepreneurship are...
input and factors of production
input
factors of production
facilitating factors
19
Market in which producers must compromise the most is...
pure competition
monopolistic competition
near monopoly
oligopoly
20
A quantity change is caused by...
change in the price of a related product
a change in price
a change in perceptions
change in buyer's income
